Exploring the Potentials of Digital Economy for Accelerated Economic Growth and Sustainable GDP in Nigeria’s Agricultural Sector

Abstract

Purpose: The study investigated the potentials of the digital economy for accelerated economic growth in Nigeria. Specifically, the study was guided by the following objectives; potential of the digital economy for accelerated economic growth and sustainable GPD, constraints to attaining the utilization of the digital economy for accelerated economic growth and sustainable GDP and ways of improving the implementation of digital economy for accelerated economic growth and sustainable GDP. Theoretical Reference: Diffusion of Innovation (DOI) Theory, developed by E.M. Rogers in 1962, formed the theoretical foundation of this study. It originated to explain how, over time, an idea or product gains momentum and diffuses (or spreads) through a specific population or social system. The result of this diffusion is that people, as part of a social system, adopt a new idea, behavior, or product. Method: The descriptive survey design was adopted using 130 farmers selected through a convenience sampling approach in the four North Central States of Nasarawa, Benue, Plateau and Niger including the FCT Abuja. Data was gathered using closed-ended questionnaires and measured using modified three-point Likert Scale of Agree = 3, Uncertain = 2 and Disagree = 1. The Lawshe’s formula yielded a content validity ratio (CVR) of 0.99, which confirmed the representativeness and clarity of the questionnaire. A reliability coefficient alpha (r - coefficient) of 0.84 was reported by Cronbach Alpha to determine the internal consistency of the questionnaire. The data was collected on the spot and analyzed using frequency counts (f) and percentages (%), and presented in tables and graphs. Results/Conclusion: The findings showed that the farmers understood clearly the potential of the digital economy in creating jobs and accelerating their economic status and contributing significantly to a sustainable GDP in Nigeria if properly utilized. However, the attainment of these enormous benefits to farmers is affected by the reduction in access to the Internet, affordability and quality of service, training and government support. Digital economy could boost agricultural production with wide project margin if infrastructure for implementation are available and utilization is effective. The study recommended the provision of broadband sufficient to provide extensive access to the Internet in order to accelerate utilization and improve productivity, especially among rural dwellers. Implication: Understanding the potential offered by embracing and utilizing the digital economy, as well as the difficulties and strong tactics farmers must employ to successfully capitalize on these advances in order to boost GDP and economic growth in Nigeria's agriculture sector Originality/Value: The originality of this investigation lay in its empirical evidence regarding the potentials, challenges, and strategies for enhancing farmers' utilization to support economic growth and GDP in the agricultural sector, which helped to expand the body of literature on digital economy in the agricultural sector, particularly in Nigeria.