Factors Influencing the Prices of Rice, Maize and Wheat Prices in Nigeria

Omotoso Oluseye Ogunmola, Nahanga Verter and Abiodun Elijah Obayelu

AGRIS on-line Papers in Economics and Informatics, 2023, vol. 15, issue 01

Abstract: This study examines the impact of agricultural Gross Domestic Product (GDP) and imports on Nigeria’s food commodity prices using annual data from 1981 to 2018. Data obtained were analysed using the unit root test, cointegration test and Autoregressive Distributed Lag (ARDL) model to evaluate the long-run and short-run effects of the hypothesized variables on the food commodity prices. The results reveal that maize import value and exchange rate significantly affect the price of maize in the short-run. In contrast, the lagged price of maize, maize output and the past value of maize imports are the factors that influenced the current price of maize within the review period. Also, the lagged price of rice, rice output and the lagged value of rice imported in the immediate year exerted significant influences on the price of rice in Nigeria. Furthermore, the study indicates that the lagged price of wheat, the import value of wheat and the lagged wheat import value were statistically significant in influencing wheat price in Nigeria. Hence, policies for flexibility in the harmonization of exchange rate movements strengthen domestic agricultural performance.

Keywords: Agricultural and Food Policy; Food Consumption/Nutrition/Food Safety; Production Economics (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:ags:aolpei:334664

DOI: 10.22004/ag.econ.334664

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