IMPACT OF GOVERNMENT AGRICULTURAL POLICIES ON THE MAJOR STAPLE FOOD PRICES IN NIGERIA (1966 - 2011)

Opeyemi Ayinde, T.E. Ilori and Raphael Babatunde ()

No 211188, 2015 Conference, August 9-14, 2015, Milan, Italy from International Association of Agricultural Economists

Abstract: This study assessed the impact of government agricultural policies on the prices of major staple food in Nigeria. It described the trend of the major staple food prices and determined the effect of government agricultural policies on the major staple food prices in Nigeria. Secondary data were sourced from various organizations and used for this study. These data were transformed from their nominal value to real value and analyzed using descriptive statistics, unit root test, ordinary least square model, cochrane-orcutt, least absolute deviation estimators and simultaneous equation model. The study revealed that the prices of most of the major staple foods were at the peak value between 1991 and 1993 while their prices were at the lowest value between 1978 and 1983. The study observed that the price of cowpea is most volatile seconded by maize. The study further established that the prices of staple foods were inter-related. Also, it was showed that agricultural credit guarantee scheme funds (ACGSF), agricultural policies during structural adjustment period (SAP) and post-structural adjustment period (PSAP) were statistically significant while the agricultural input subsidy scheme was statistically insignificant. The study recommended painstaking formulation and implementation of agricultural policies and re-structuring of agricultural of input scheme.

Keywords: Agricultural and Food Policy; Food Consumption/Nutrition/Food Safety (search for similar items in EconPapers)
Pages: 28
Date: 2015
New Economics Papers: this item is included in nep-agr
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Persistent link: https://EconPapers.repec.org/RePEc:ags:iaae15:211188

DOI: 10.22004/ag.econ.211188

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