Browsing by Author "Ayinde, Kayode"
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Item DETERMINANTS OF PRICE OF YAM IN NIGERIA: A TIMES-SERIES ANALYSIS(Nigerian Journal of Agricultural Economics (NJAE)., 2018) Ajibade, Toyin Benedict; Ayinde, Opeyemi Eyitayo; Abdoulaye, Tahirou; Ayinde, KayodeWith a contribution of up to 71% to world output of yam, Nigeria remains the largest producing country with rural farmers having yam as second most commonly harvested tuber crop. Given its nutritional superiority to most roots and tubers in terms of digestible proteins and minerals and its relevance as a source of income for the poor majority of rural-farmers, the importance of yam in Nigeria cannot be overemphasized. There has however been a persistent price increase in yam, as well as other food commodities, in Nigeria. This study was therefore designed to investigate the determinants of rising yam price in Nigeria over the period 1970-2015. The study relied on time-series data sourced from FAOSTAT, Federal Bureau of Statistics and CBN Bulletin. Inferential statistics including unit-root test, cointegration and error correction model were employed in analysis. Autocorrelation was present in the model hence necessitating Cochrane-Orcutt approach. Results indicated that variables were nonstationary but became stationary after first differencing. At 5% significance level, on the long run, price of yam was determined by annual production (coef.=-0.8095), GDP (coef.=-3.009) and annual money supply (coef.=0.829). It is consequently recommended that programmes and strategies implemented to boost food production in Nigeria should be carried on viz-a-viz robust economic planning that keeps the significant macroeconomic variables at optimal levels in order to maintain the balance required for stabilization in food commodity prices. Likewise, efforts should be concerted in putting insurgency in Nigeria under checks considering the ill effect it has on farming and trading activities.Item Modelling the price of Maize and its Determinants in Nigeria: Error Correction Model Approach(Agricultural University of Tirana, 2018) Ajibade, Toyin Benedict; Ayinde, Opeyemi Eyitayo; Abdoulaye, Tahirou; Ayinde, KayodeMaize is one of the top-ranking cereals in Nigeria based on its use as staple food for the populace and also as raw material for several industries most especially in livestock feed production. Over the years, there has been volatility in maize prices evident in the fluctuation observed which is mostly of an upward trend. Rising food commodity prices, maize especially, coupled with the low income earnings of most individuals has far reaching implication on food security in Nigeria and of course welfare of many, considering maize is a major staple in the country. This study was therefore carried out to identify the determinants of maize price in Nigeria using an error correction approach. Time series data spanning 46 years (1970-2015) was used in the study. Data were secondarily sourced from FAOSTAT, CBN and NBS. Data collected were analysed using econometric tools including Unit root test, Cointegration test and Error correction mechanism. The study revealed that maize price in Nigeria responds negatively to the Gross Domestic Product and positively to Annual money supply, Official exchange rate and insurgency in the long run. Whereas in the short run, maize price is positively influenced by own export quantity, insurgency and trade liberalization while production has a negative influence on the price of maize. Some of the recommendations include the need to: take cognizance of the relevant macroeconomic variables in agricultural planning; encourage farmers to increase maize production; implement policies targeted at regulating maize export such as to ensure this is not detrimental to domestic availability; and intensify effort at tackling insurgency in order to provide producers and traders an enabling trade environment.