FINANCIAL TECHNOLOGY AND AGRIBUSINESS DEVELOPMENT IN NIGERIA
Abstract
This study examines the influence of financial technology on the development of agribusiness in Nigeria between 2001 and 2020. Using a retrospective design, the research analyzes data from the Central Bank Statistical Bulletin to explore the relationship between digital finance technologies and agribusiness growth. A model is developed based on a comprehensive review of existing literature, with agricultural sector credit serving as a proxy for agribusiness and various financial technology platforms representing digital finance technologies. The Auto-Regressive Distributed Lag (ARDL) model is employed for data analysis, and diagnostic tests confirm the model's validity and reliability. The findings reveal that point-of-sales and mobile money payment systems have a positive impact on agribusinesses in Nigeria, whereas automated teller machine payment systems have a negative effect. The study recommends promoting financial inclusiveness in rural and agricultural areas to sustain the positive effects of digital finance technologies on Nigerian agribusiness.