By: Victoria Hauwa Ibrahim, Vincent Paul, Usio Uchechi Taiga, Damina Emmanuel Kukah
Pages: 1–19, Volume: 3, Number: 1
Published by: AEFUNAI Journal of Economics, Finance and Development Studies, Alex Ekwueme Federal University, Ndufu-Alike, 2/1/2026, 2026
ISSN (Electronic): 2536-6742
DOI:
Assessment of the Contributions of Family-Owned Businesses to Economic Development in Nigeria
Abstract:
This study assessed the contributions of family-owned businesses to the economic development of Nigeria. Adopting an ex-post facto design, data from thirteen years (2012-2025) is utilized to establish the relationship between family-owned businesses and economic development. The study relies solely on secondary data, employing the Heteroscedasticity test through Breusch-Pagan/Cook-Weisberg test, and the Hausman test to select between Fixed and Random Effects models. Findings indicate that family-owned businesses significantly contribute to GDP through job creation and capital formation. The study recommends policy interventions to improve access to credit and formalize succession planning to ensure long-term sustainability.
Keywords: Family businesses, Succession planning, Sustainability, Corporate governance, Nigeria
How to Cite
Ibrahim, V. H., Paul, V., Taiga, U. U., & Kukah, D. E. (2026). Assessment of the Contributions of Family-Owned Businesses to Economic Development in Nigeria. AEFUNAI Journal of Economics, Finance and Development Studies (AEFUNAI-JEFDS), Vol. 3(1), 1–19.
Creative Commons Attribution 4.0 International License (CC BY 4.0)
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