The invisible player - the contribution of small and medium enterprises in the agribusiness sector on the Nigerian economy

Abstract

Small and medium-sized enterprises (SMEs) around the world contribute to the growth of economies and promote employment, equitable income distribution and better living standards The research therefore was intended to evaluate the contribution of the Small and Medium Enterprises (SMEs) in the agribusiness sector on the economy of Nigeria. The study utilized a quantitative analysis of published data for the period 2011 to 2021 obtained from the Central Bank of Nigeria Statistical Bulletin of 2021. Descriptive statistics was employed in establishing the causal relationship between Gross Domestic Product (GDP) and agribusiness output (AbO). The findings showed that there was a significant positive correlation between agribusiness output and GDP. Equivocally, agribusiness investment also had a significant relationship on the Gross Domestic Product and vice versa. The study concluded that if national economic well-being is the primary goal of government, investment in agribusiness should not be sidelined.