Business Development Intervention and Performance of Aquaculture: A Case of Business Groups in Lagos State, Nigeria


  • Nurudeen Afolabi Sofoluwe Olabisi Onabanjo University
  • Olajumoke Olufunmilayo Oyeniyi Ministry of Agriculture
  • Moruff Sanjo Oladimeji Olabisi Onabanjo University



business development, business intervention, business groups


Businesses in Small and Medium Enterprises (SMEs) are considered crucial to the development of societies. Hence, development interventions from international agencies are introduced to these groups to achieve developmental objectives. However, the importance of such intervention to the overall performance of the enterprises is yet to be examined. The research assessed the contribution of the intervention to the production capacity of SMEs. It also examined the business volume and value of sales of their products and contribution to employment opportunities. Then, the factors influencing participation in the project by the SMEs were also analyzed. Survey data were collected through a structured questionnaire. A stratified random sampling technique was employed to select the business groups. Descriptive statistics and probit regression methods were utilized to analyze the data. The results show an improvement in the production capacity of the participating business groups. Relatively, the average production capacity of medium enterprises is higher compared to the small business groups. The volume and value of sales and employment opportunities created through the financial intervention increase the performance of SMEs in the aquaculture business sector. Education and membership in the association are also found to be significant factors (p < 0,05). The factors affect business group participation in the intervention.


Plum Analytics

Author Biographies

Nurudeen Afolabi Sofoluwe, Olabisi Onabanjo University

Faculty of Administration and Management Sciences

Olajumoke Olufunmilayo Oyeniyi, Ministry of Agriculture

Planning, Research and Statistics Department

Moruff Sanjo Oladimeji, Olabisi Onabanjo University

Faculty of Administration and Management Sciences


Adelesi, O. O., & Isiaka, O. (2022). Profitability analysis of smallholder aquaculture farms: the case of Lagos State, Nigeria. Journal of Agriculture and Rural Development in the Tropics and Subtropics (JARTS), 123(1), 109–120.

Adloff, F., & Neckel, S. (2019). Futures of sustainability as modernization, transformation, and control: A conceptual framework. Sustainability Science, 14, 1015–1025.

Akingunola, R. O., Olowofela, E. O., & Yunusa, L. (2018). Impact of microfinance banks on micro and small enterprises in Ogun State, Nigeria. Binus Business Review, 9(2), 163–169.

Alpermann, B. (2016). Fukuyama and the Chinese middle class: Modernization theory 1.5. Journal of Chinese Governance, 1(3), 441–456.

Bika, Z., Subalova, M., & Locke, C. (2022). Microfinance and small business development in a transitional economy: Insights from borrowers’ relations with microfinance organisations in Kazakhstan. Journal of Development Studies, 58(1), 183–203.

Central Bank of Nigeria. (2018). Commercial agriculture credit scheme: Evaluation and impact assessment report. Retrieved from Report.

Chladkova, H., & Formankova, S. (2016). Strategy for SMEs in the area of primary agricultural production. Agricultural Economics, 62, 395–406.

Christopher, S. I., Otohinoyi, S., & Shanum, L. D. (2017). Impacts of Commercial Agricultural Development Project (CADP) on farmers’ empowerment in Kaduna State (2010-2016). International Journal of Development and Management Review, 12(1), 92–113.

Domeher, D., Musah, G., & Hassan, N. (2017). Inter-sectoral differences in the SME financing gap: Evidence from selected sectors in Ghana. Journal of African Business, 18(2), 194–220.

Esiebugie, U., Richard, A. T., & Emmanuel, A. L. (2018). Financial literacy and performance of small and medium scale enterprises in Benue State, Nigeria. International Journal of Economics, Business and Management Research, 2(4), 65–79.

Fasola, I. O., Asikhia, O. U., Akinlabi B. H., & Makinde, G. O. (2020). Effect of Business Credit Availability on Profitability of Small and Medium Enterprises in South-West, Nigeria. International Journal of Advanced Research (IJAR), 8(02), 713–732.

Hironaka, C., Zariyawati, M. A., & Diana-Rose, F. (2017). A comparative study on development of Small and Medium Enterprises (SMEs) in Japan and Malaysia. Saudi Journal of Business and Management Studies, 2(4A), 357–374.

Jin, Z., Shang, Y., & Xu, J. (2018). The impact of government subsidies on private R&D and firm performance: Does ownership matter in China’s manufacturing industry? Sustainability, 10(7), 1–20.

Jovanović, O., & Zubović, J. (2019). The importance of subsidies for SME development in the agricultural sector of Serbia. Western Balkan Journal of Agricultural Economics and Rural Development (WBJAERD), 1(1), 51–61.

Nakku, V. B., Agbola, F. W., Miles, M. P., & Mahmood, A. (2020). The interrelationship between SME government support programs, entrepreneurial orientation, and performance: A developing economy perspective. Journal of Small Business Management, 58(1), 2–31.

Nawi, F. A. M., Tambi, A. M. A., Samat, M. F., & Mustapha, W. M. W. (2020). A review on the internal consistency of a scale: The empirical example of the influence of human capital investment on Malcom Baldridge quality principles in TVET institutions. Asian People Journal (APJ), 3(1), 19–29.

Okoli, V. B. N., Okereke, C. N., Onubuogu, G. C., & Esiobu, N. S. (2014). Analysis of participating and non-participating Commercial Agriculture Development Project (CADP) farmers in pineapple production in Awgu LGA, Enugu State, Nigeria. Global Advanced Research Journal of Agricultural Science, 3(8), 259–270.

Olusanya, S. O., Sufian, B. J., & Temi, O. A. (2014). Can microfinancing improve small and medium scale enterprises in Lagos State, Nigeria. IOSR Journal of Economics and Finance (IOSR-JEF), 3(3), 49–56.

Small & Medium Enterprises Development Agency of Nigeria. (2017). National survey of Micro Small & Medium Enterprises (MSMEs) 2017. Retrieved from,%20%202017%201.pdf

Taiwo, J. N., Yewande, O. A., Edwin, A. M., & Benson, K. N. (2016). The role of microfinance institutions in financing small businesses. Journal of Internet Banking and Commerce, 21(1), 1–20.

Tiamiyu, S. A., Olaoye, O. J., Ashimolowo, O. R., Fakoya, E. O., & Ojebiyi, W. G. (2015). Benefits derived from National Fadama Development Project II by fish farmers in Lagos State, Nigeria. International Journal of Fisheries and Aquaculture, 7(4), 54–61.

Tipps, D. C. (1973). Modernization theory and the comparative study of national societies: A critical perspective. Comparative Studies in Society and History, 15(2), 199–226.

Udoye, C. E., Dimelu, M. U., Anugwa, I. Q., Ozioko, R. I., & Azubuike, F. C. (2019). Actors’ satisfaction with poultry value chain approach of the commercial agricultural development project in Enugu State, Nigeria. Journal of Agricultural Extension, 23(4), 157–174.

Xiang, D., & Worthington, A. C. (2017). The impact of government financial assistance on the performance and financing of Australian SMEs. Accounting Research Journal, 30(4), 447–464.

Zambon, I., Cecchini, M., Egidi, G., Saporito, M. G., & Colantoni, A. (2019). Revolution 4.0: Industry vs. agriculture in a future development for SMEs. Processes, 7(1), 1–16.



Abstract 122  .
PDF downloaded 53  .