ANALYSIS OF THE IMPACT OF SELECTED ECONOMIC VARIABLES ON SORGHUM PRICES IN NIGERIA

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dc.contributor.authorAjibade, Toyin Benedict
dc.contributor.authorAyinde, Opeyemi Eyitayo
dc.contributor.authorAbdoulaye, Tahirou
dc.contributor.authorOjoko, Emmanuel Ada
dc.date.accessioned2021-06-02T09:45:26Z
dc.date.available2021-06-02T09:45:26Z
dc.date.issued2017
dc.description.abstractNigeria is the world’s leading producer of sorghum intended for use as food grain. Likewise, there has been growing industrial demand for sorghum in the livestock breeding and brewery sectors. As sorghum prices have been on the increase, it becomes pertinent to identify the determinants of this development in order to nip the imminent food crisis in the bud. This study relied on time series data spanning from 1970 to 2015 retrieved from FAOSTAT and World Bank databases. Analytical methods employed include the unit root test, cointegration test and error correction mechanism. The diagnostic tests indicated the presence of autocorrelation which was subsequently adjusted with the Cochrane-Orcutt procedure. Subsequent tests indicated that variables fit well to the model. As shown by the ADF unit root test, the modeled variables were non-stationary but became stationary after first differencing. At a significance level of 5%, the sorghum price was determined by gross domestic product (GDP), annual money supply, official exchange rate and crude oil price, both in the long and short run, whereas the lagged price of sorghum also had an effect on prices in the short run. The study recommends that macroeconomic variables such as GDP, annual money supply and official exchange rate be taken cognizance of when planning the agricultural development in Nigeria.en_US
dc.description.sponsorshipInternational Institute of Tropical Agricultureen_US
dc.identifier.issnpISSN 1899-5241
dc.identifier.issneISSN 1899-5772
dc.identifier.otherhttp://dx.doi.org/10.17306/J.JARD.2017.00398
dc.identifier.urihttps://uilspace.unilorin.edu.ng/handle/20.500.12484/5709
dc.language.isoenen_US
dc.publisherWydawnictwo Uniwersytetu Przyrodniczego w Poznaniuen_US
dc.subjectautocorrelationen_US
dc.subjectCochrane-Orcutt procedureen_US
dc.subjectcerealen_US
dc.subjectcointegrationen_US
dc.subjecterror correction modelen_US
dc.subjecttime seriesen_US
dc.titleANALYSIS OF THE IMPACT OF SELECTED ECONOMIC VARIABLES ON SORGHUM PRICES IN NIGERIAen_US
dc.typeArticleen_US

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