Impact of Government Agricultural Policies on Major Staple Food Prices in Nigeria (1966 - 2011)
Impact of Government Agricultural Policies on Major Staple Food Prices in Nigeria (1966 - 2011)
Opeyemi Eyitayo Ayinde1*, Kayode Ayinde2, Tofunmi Emmanuel Ilori1, Raphael Olanrewaju Babatunde1
E-mail | opeyemi@unilorin.edu.ng
ABSTRACT
This study assessed the impact of government agricultural policies on the prices of major staple food 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 analysed using descriptive statistics, unit root test, ordinary least square model, Cochrane-Orcutt, least absolute deviation estimators and simultaneous equation model. 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 in their impact on the prices of major staple crops. The study recommended painstaking formulation and implementation of agricultural policies and re-structuring of agricultural of input scheme.
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