Discovery of maize price and Food crop market dynamics in Nigeria

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dc.contributor.authorAjibade, Toyin Benedict
dc.contributor.authorAyinde, Opeyemi Eyitayo
dc.contributor.authorAbdoulaye, Tahirou
dc.date.accessioned2021-06-02T09:45:02Z
dc.date.available2021-06-02T09:45:02Z
dc.date.issued2019
dc.description.abstractHaving the mandate of achieving food security in Nigeria, commendable efforts have been geared towards food production in the nation. Albeit the increasing production, price volatility has continued to perpetuate in food markets in Nigeria hence attaining food affordability, a precondition for food security, remains a mirage. An innovative approach to the food challenge therefore, may be to understand the food markets dynamics such as to gain insight into how the market works. In this study we focus on maize, a very important staple in Nigeria. We seek to identify the point of price discovery and markets that significantly influence price of maize. In furtherance, we examine the dynamic relationship existing among the markets and explored the responsiveness of the markets to price signals from the other markets. Our results showed that most of the markets examined behave in such a manner expected of open market however full market integration has not been achieved. It was revealed that prices of maize are discovered from major food market in the deficit production zone. Majority of the markets were responsive to one-time price shock from itself, although exhibiting exogeneity in the contemporaneous period but becoming endogenous by the long run (whereby other markets majorly influenced prices) hence indicating that the markets had commendable informational influence on one another. The study therefore recommended installing infrastructure for linkage of production with the demand zones if price stabilization is to be achieved. Regulatory bodies should also check activities of cartels in the influential markets.en_US
dc.description.sponsorshipInternational Institute of Tropical Agricultureen_US
dc.identifier.issn1336-9261
dc.identifier.otherhttps://roaae.org/issue/review-of-agricultural-and-applied-economics-raae-vol-22-no-1-2019/?article=discovery-of-maize-price-and-food-crop-market-dynamics-in-nigeria
dc.identifier.urihttps://uilspace.unilorin.edu.ng/handle/20.500.12484/5707
dc.language.isoenen_US
dc.publisherReview of Agricultural and Applied Economicsen_US
dc.subjectAgricultural Marketsen_US
dc.subjectFood cropen_US
dc.subjectImpulse response functionen_US
dc.subjectPrice discoveryen_US
dc.subjectVariance decompositionen_US
dc.subjectNigeriaen_US
dc.titleDiscovery of maize price and Food crop market dynamics in Nigeriaen_US
dc.typeArticleen_US

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