Exploring the Role of Technological Innovation on Sustainable Performance of Agribusinesses in South-West, Nigeria

Abstract

This study examines how the role of technological innovation shapes the sustainable performance of agribusinesses in South-West, Nigeria, focusing on product and process innovations. An explanatory research approach was used, combining survey data from agribusiness operators and stakeholders, to provide both breadth and depth of understanding.  According to Krejcie and Morgan (1970), a sample size of 384 farmers was chosen for the study out of the 81,728 farmers in the chosen states. Out of 384 copies of questionnaires administered, 332 were validly returned, indicating that 86.46% of respondents were reached through the use of stratified random sampling techniques. The findings highlight that adopting technological innovations not only boosts efficiency and profitability but also promotes environmentally responsible practices and inclusive growth. The study concludes that product and process innovation have a significant and positive effect on the sustainable performance of Agribusinesses in South-West, Nigeria. The study recommends that Agribusinesses in South-West, Nigeria, should adopt technological innovations both in process and product innovations in order to play a central role in building resilience against economic and environmental shocks, positioning agribusinesses as active contributors to sustainable performance. Through examining the relationship between innovation and sustainability, this study offers valuable insights for policymakers, investors, and practitioners seeking to transform Nigeria’s agricultural sector into one that is more competitive, resilient, and sustainable.