Survey of emerging technologies and return on investment in oil palm business in south-south states of Nigeria
Department of Agricultural Economics, Faculty of Agriculture, Delta State University, Abraka, Delta State, Nigeria.
Research Article
World Journal of Advanced Research and Reviews, 2024, 21(03), 929–943
Publication history:
Received on 21 january 2024; revised on 01 March 2024; accepted on 04 March 2024
Abstract:
The difference between the oil palm business in developed economy like Malaysia and that in less developed economy like Nigeria can be traced to technological advancement. Therefore there is continuous search for production and processing technologies that can drive development of the oil palm value chain. The broad objective of the study was to investigate the effect of innovative technologies on performance of oil palm business in South-South geo-political States of Nigeria. The study employed a multi-stage sampling procedure. Well validated structured questionnaires were used as instrument for data collection. Collected data were analysed using descriptive and inferential statistical tools such as mean, Percentage, Standard Deviation, Frequency Distribution Table, enterprise budgeting, and ordinary least square regression analysis. Socioeconomic characteristics of operators were diverse, with a predominance of young, married, male farmers (60.9%) engaged in small-scale production (mean farm size: 13.2 hectares). Traditional tools still dominated harvesting, but hydraulic press (adopted by 71.1%) and automated mills (5.3%) were adopted for processing. Value addition was substantially improved by processing technology and harvesting equipment in the South-South States of Nigeria. The study concluded that appropriate innovative technologies positively impacted profitability, efficiency, product quality, sustainability, and competitiveness. Training, subsidies and robust extension services to promote adoption of innovative technologies in the South-South States of Nigeria were recommended. The study has contributed to existing body of knowledge by affirming the central role of innovation in profit function and sustainability in the oil palm sector.
Keywords:
Emerging technologies; Innovation; Return on investment; Oil palm business; Nigeria
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