A study of sustainability strategies and business longevity: A case study of agro-based firms in Kogi State
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Background of the Study
Sustainability strategies are increasingly becoming essential for businesses seeking to ensure long-term success and resilience, particularly in industries such as agriculture, where environmental and economic factors significantly impact operations. Agro-based firms in Kogi State, Nigeria, which focus on the production, processing, and distribution of agricultural products, face numerous challenges, including climate change, fluctuating commodity prices, and the need for innovation in farming techniques. Sustainability in this context involves adopting practices that not only ensure environmental and economic viability but also contribute to the social well-being of communities and stakeholders (Aliyu & Ahmad, 2024).
The agricultural sector in Kogi State has significant potential for growth, as it is a major producer of crops like maize, rice, and cassava, as well as livestock farming. However, many agro-based firms face the challenge of ensuring the longevity of their businesses due to factors such as poor infrastructure, limited access to financing, and the effects of climate change on crop yields (Akinyemi & Ibrahim, 2023). To address these challenges, businesses must develop and implement sustainability strategies that balance economic growth with environmental and social responsibility.
Research on sustainability strategies in agriculture suggests that firms adopting practices such as resource conservation, eco-friendly production techniques, and community engagement are better equipped to withstand economic volatility and environmental changes (Tadesse & Mulugeta, 2023). However, there is limited research on how agro-based firms in Kogi State are incorporating sustainability into their business models. This study aims to explore the sustainability strategies employed by agro-based firms in Kogi State and assess their impact on business longevity.
Statement of the Problem
Agro-based firms in Kogi State are facing significant challenges in ensuring the longevity of their businesses due to external environmental pressures and internal operational inefficiencies. While sustainability is recognized as essential for long-term business success, many of these firms lack comprehensive strategies to integrate sustainability into their operations. As a result, the agricultural sector is at risk of losing its competitive edge, and firms may struggle to achieve long-term viability. This study seeks to examine the sustainability strategies implemented by agro-based firms in Kogi State and their impact on business longevity.
Objectives of the Study
1. To identify the sustainability strategies employed by agro-based firms in Kogi State.
2. To evaluate the impact of sustainability strategies on the long-term success of agro-based firms in Kogi State.
3. To provide recommendations for improving sustainability strategies to enhance business longevity in agro-based firms in Kogi State.
Research Questions
1. What sustainability strategies are adopted by agro-based firms in Kogi State?
2. How do sustainability strategies affect the longevity and growth of agro-based firms in Kogi State?
3. What challenges do agro-based firms in Kogi State face in implementing sustainability strategies, and how can these challenges be addressed?
Research Hypotheses
1. There is a significant relationship between sustainability strategies and the long-term success of agro-based firms in Kogi State.
2. Agro-based firms in Kogi State that adopt resource-conserving and eco-friendly practices experience greater business longevity.
3. The implementation of community-based sustainability initiatives positively impacts the growth and profitability of agro-based firms in Kogi State.
Scope and Limitations of the Study
This study will focus on agro-based firms in Kogi State, Nigeria, particularly those involved in crop production, processing, and agro-industrial activities. The research will assess the sustainability strategies adopted by these firms and examine their impact on business longevity. Limitations include challenges in accessing detailed financial data and the relatively small number of firms with well-established sustainability strategies in the region.
Definitions of Terms
• Sustainability Strategies: Business practices aimed at achieving long-term economic, environmental, and social goals, often through resource conservation, ethical practices, and community engagement (Aliyu & Ahmad, 2024).
• Business Longevity: The ability of a firm to survive and thrive over an extended period, characterized by consistent growth, profitability, and operational stability (Akinyemi & Ibrahim, 2023).
• Agro-based Firms: Businesses involved in the production, processing, and distribution of agricultural products, including crops, livestock, and related services (Tadesse & Mulugeta, 2023).
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