Agribusiness Practices and Strategies for Thriving in a Depressed Economy

Abstract

The competition in the business space is fierce, hostile, and uncertain that operators of businesses must recognize the need to change the competitive landscape in their agribusiness practices. The research was conducted to examine agribusiness strategies necessary to thrive efficiently in a depressed economy. A sample size of 149 was selected using the Taro Yamane formula from a population of 238 staff judgmentally selected from listed farms in Akwa Ibom State (https://www.directory.org.ng/list-agriculture_and_agro-allied?st=akwa-ibom). To achieve this, three objectives and three hypotheses were formulated and tested using the Ordinary least square regression analysis. The results show that reducing unnecessary cost, protecting cash flows and technology-enabled commodity exchange have significant positive effects on agribusiness practices in a depressed economy. Consequently, it was recommended among others that reducing unnecessary cost, protecting cash-flows and technology-enabled commodity exchange has a positive significant effect on agribusiness practices in a depressed economy. It was concluded that agribusiness strategies for thriving in a depressed economy have significant positive effects on agribusiness practices.

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