Original scientific paper
https://doi.org/10.17508/CJFST.2019.11.2.13
Analysis of determinants of maize price variations in Nigeria (1978 - 2014)
OPEYEMI EYITAYO AYINDE
; University of Ilorin, Department of Agricultural Economics and Farm Management, P.M.B.1515, Ilorin, Nigeria
IFEDOTUN VICTOR AINA
orcid.org/0000-0002-1018-8161
; University of Ilorin, Department of Agricultural Economics and Farm Management, P.M.B.1515, Ilorin, Nigeria
KAYODE AYINDE
; Ladoke Akintola University of Technology, Department of Statistics, P.M.B. 4000 Ogbomoso, Nigeria
Abstract
Skyrocketing prices of food staples such as maize can lead to inefficient agricultural production and definitely have detrimental effects on the economic, social, and political growth of any country. Most studies on maize in Nigeria are focused on the increasing consumption or competitiveness, very few address the determinants of maize price change as a panacea for the increase of productivity. Filling this gap requires a study on the various factors that contribute to the variations in the price of maize. In this study, secondary data were used. The study used descriptive statistics tools to analyze the pattern of price variations and changes in the production of maize over a period of 36 years in Nigeria. Also, various factors affecting price variation of maize were examined. It was recommended that the positive and significant impact of country’s population to maize price change should serve as an impulse to encourage investment in agricultural sector of Nigeria in order to ensure food security in the country. Also, the government should use the inflation measures to regulate prices of maize in the country.
Keywords
price variation; co-integration analysis; maize production; Nigeria
Hrčak ID:
230435
URI
Publication date:
29.11.2019.
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