TECHNOLOGICAL ADVANCEMENT AND ITS INFLUENCE IN FOSTERING ECONOMIC GROWTH
Keywords:
Technological Advancement, Economic Growth, Nigerian Economy, Technology TransferAbstract
The study examined the influence of technological advancement on economic growth. One research question and two null hypotheses guided the study. A correlational research design was used to established the structure and the direction of the study. The population comprised of all the SMEs operators in Ogun East Senatorial District of Ogun State, Nigeria. A total of 150 SMEs operators were selected for the study using purposive and stratified sampling methods. The instrument for data collection is titled: Technological Advancement and Economic Growth Questionnaire (TAEGQ) with a 0.91 reliability coefficient value. Descriptive statistics were used in answering the research questions and inferential statistic were used in testing the hypotheses at a 0.05 level of significance. The findings of the study revealed that technology influence efficient production, leading to increased profit and competitive advantage, facilitates the creation of superior products and services. Technology advancement has positive influence on economic growth (B = .374, t = 7.522, p <.05). Technological advancement leads to increased productivity, innovation and competitiveness (B = .206, t = 3.929, p <.05). The authors recommended among others that government of Nigeria should endeavour to commit more resources to the development of the technological sector to enhance the efficiency and effectiveness of SMEs.
References
Abdul, O. E. (2018). Entrepreneurial skills and growth of SMEs: A comparative of Nigerian entrepreneurs and minority entrepreneurs in the UK. Munich Personal Archive.
Akinwale, O. Y., Sanusi, A., & Surujla, J. (2018). An empirical analysis of information and communication technology (ict) and economic growth in Nigeria. International Journal of E-Business and E-Government Studies, 10(1), 129-142.
Anyira, J. B. (2018). School size, class size and teacher’s quality as correlation of internal efficiency in primary school in Ondo State, Nigeria. PhD’s Thesis. University of Ibadan, Nigeria.
Butcher, E.E. (2019). Foundation of business education in Nigeria. Data word Publications, Aba.
Caliskan, H. K. (2019). Technological change and economic growth. Procedia-Social and Behavioural Sciences, 195.
Chukwu, A. O., Chukwu, W. C. & Ongele, L. I. (2023). Effect of information and communication technology (ICT) on economic growth in Nigeria. Nnadiebube Journal of Languages and Literatures, 1(1), 134-145.
Davenport, T.H. (2020). Process innovation: Reengineering work through information technology. Harvard Business Press.
Edna & Aaron (2020). The impact of digital technology usage on economic growth in Africa. Utilities Policy, 67, 101-104.
Eke, F. A., Agala, F. B., & Offum, P. F. (2019) Technological Advancement and Economic Growth in Nigeria. African Journal of Applied and Theoretical Economics, 5(1), 124-145.
Ekpenyong, L. E., & Edokpolor, J. E. (2015). Winning the war against unemployment and poverty in Nigeria: Is there a role for TVET-private sector partnership? Nigerian Vocational Association Journal, 20 (1), 125-132.
Faniran, T. J. (2017). Microfinance and poverty reduction: The Nigeria experience. International Business and Management, 3(1), 220-227.
Hayton, J. (2015). Leadership and management skills in SMEs. Warwick Business School: Department of Business, Industry and Skills.
Jagodic, G., & Dermol, V. (2015). ICT tools for the development of entrepreneurial competencies. Joint International Conference, 2123 – 2129.
Jegede, A. O (2014). Analysis of factors that affect the performance of micro enterprises in selected local government area of Oyo State, Unpublshed M.Tech Thesis presented to the department of Management and Accounting, Ladoke Akintola University of Technology, Ogbomoso.
Kao, S. (2021). Improving productivity via technology and management. International Journal of Systems Science, 27(3), 315-322.
Koko, M. N., & Andrew, J. C. (2022). Influence of modern technology systems on academic performance of business education students in Rivers State Universities. International Journal of Research Publication and Reviews, 7(3), 2803-2810.
Koko, M. N., &. Nlem, O. (2019). Perceived influence of mobile learning and multimedia on business education students’ academic performance in Rivers State Universities. International Journal of Innovative Information Systems and Technology Research, 7(4), 40-46.
Koko, M. N. (2015). Foundations of business education in Port Harcourt: Pre-Joe Publishers.
Kurotimi, F., Franklin, A. Aladei, G. & Opigo, H. (2017). Entrepreneurship education as a 21st century strategy for economic growth and sustainable development. World Academy of Science, Engineering and Technology International Journal of Mechanical and Industrial Engineering, 11(9), 2168-2179.
Macey, W. H. & Schneider, B. (2022). The meaning of employee engagement. Industrial and Organizational Psychology, 1(1), 3-30.
Margaret, A. & Pac, O. (2019). Modern office technology and the productivity in private business organizations. African Journal of Business Management, 3 8), 333-339.
Money, U., & Odibo, E. E. (2015). Nigerian SMEs business management: An effect of entrepreneurship skills. Indian Journal of Commerce and Management Studies, 3, 31-36.
Murad, A. B., & Idewele, I. E. O. (2017). The impact of microfinance institutions on economic grpwth of a country: Nigeria in focus. International Journal of Development and Management Review, 12(1), 1-17.
Olabode, P.O (2023). Digital economy, institutional quality and economic growth in selected countries. CBN Journal of Applied Statistics, 14(1), 25-46.
Ololube, N. P., Kpolovie, P. J. Amaele, S. Amanchukwu, R. N. & Briggs, T. (2013). Digital natives and digital immigrants: a study of information technology and information systems (IT/IS) usage between students and faculty of Nigerian Universities. International Journal of Information and Communication Technology Education, 9(3), 42-64.
Oluwadare, A. A. (2015). Business and entrepreneurship education: An indispensable tool for graduate unemployment in Nigeria. Developing Country Studies Journal, 5 (21), 123 – 131.
Oluwamuyiwa, O. O., Kayode, O. & Opeyemi, R. A. (2022). Economic growth impact of technology and trade in Nigeria. International Journal of Asian Social Science, 2022, 12(11), 463-476.
Onojetah, K. A. (2019). The role of entrepreneurship on economic growth. (Unpublished).
Onoyere, I. A. (2014). An investigation of activities of microfinance banks as a veritable tool for reducing poverty and unemployment in developing economies. The evidence from Nigeria. Mediterranean Journal of Social Sciences, 5(6), 99-107.
Onyema, C. (2023). Extent of ICT Usage and the effect on employee performance in Nigerian civil service. Quest Journals Journal of Research in Humanities and Social Science, 11(1), 499-504.
Osamwonyi, E. U., & Obayagbona, B. E. (2017). Are microfinance banks important in deposit mobilization in Nigeria? Research Journal of Finance and Accounting, 5(9), 53-59.
Osuyi, O. (2015). Financial development and economic growth in Nigeria. Journal of Economics and Sustainable Development, 6(20), 26-40.
Otero, M. (2016). Bringing development back into microfinance. Journal of Microfinance, 7(4), 45-57.
Ovia, J. (2017). Micro financing: Some cases, challenges and way forward, Abuja: synergy Resource and Technology Solutions Ltd.
Owenvbiugie, R. O., & Igbinedion, V. I. (2017). Role of finance on the growth of small and medium scale enterprises in Edo State of Nigeria. Journal of Educational and Social Research, 5(1), 241-247.
Oyegoke, E.O., & Wasiu, W.A. (2021). Do technological innovations affect unemployment in Nigeria? CBN Bullion, 45(40), 13 - 24.
Richard, D. A. & Haya, W. I. (2012). Comparison between school effectiveness, characteristics and development classroom instruction strategies in the United States and Nigeria. Journal for African, 27 (1 and 2), 263-287.
Robinson, M. S. (2016). The microfinance revolution. The World Bank, Washington, D.C., The assumption that propensity to save is low in most rural areas and that rural savings mobilization is difficult.
Rolando, G. T. (2014). Government’s role in promoting social entrepreneurship. Being a paper presented at the 1st Anniversary of the Institute for Social Entrepreneurship in Asia.
Ross, L. (2015). Finance and growth: Theory and evidence. In Philippe Aghion and Steven Durlauf(eds. ) Handbook of Economic Growth, 865–934.
Schreimer, O. (2016). A synthesis of the critical factors affecting performance of the Nigerian banking system. European Journal of Economics, Finance and Administrative Sciences, 2(17), 34-44.
Seibel, H. (2017) Islamic microfinance in Indonesia: The challenge of institutional diversity, regulation and supervision. The Handbook of Reparations, Oxford.
Sulaiman, C., Balan, U. Tijani, B. A. Waziri, S. I., & Maji, I. K. (2015). Human capital, technology, and economic growth: Evidence from Nigeria. SAGE Open, 1–10.
The National Bureau of Statistics (2018). Data on microfinance banks in Nigeria. Various Issues.
Tohidi, H. (2018). Modelling of business services in service-oriented enterprises. Procedia Computer Science, 3, 1147-1156.
Ukwuoma, H. C. (2019). The effect of ICT on economic growth in Nigeria. International Journal of Management, Technology and Engineering, IX(II), 2292-2303.
Zhang, J., Zhao, W. Cheng, B. Li, A. Wang, Y. Yang, N. & Tian, Y. (2022). The Impact of digital economy on the economic growth and the development strategies in the post-COVID-19 Era: Evidence from Countries Along the “Belt and Road” Jinzhu. Frontiers of Public Health, 10, 1–17.
