Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach
Most studies on local rice in Nigeria were centred on increasing production, consumption or competitiveness with very few of them addressing the determinants of the price of rice in an economy. Filling this gap requires a study on the various factors that influence the price of rice. Food p...
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| Format: | Article |
| Language: | English |
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University of Belgrade - Faculty of Agriculture, Belgrade
2016-01-01
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| Series: | Journal of Agricultural Sciences (Belgrade) |
| Subjects: | |
| Online Access: | http://www.doiserbia.nb.rs/img/doi/1450-8109/2016/1450-81091601079A.pdf |
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| author | Ayinde Opeyemi E. Aina Victor I. Ayinde Kayode Lukman Adewale F. |
| author_facet | Ayinde Opeyemi E. Aina Victor I. Ayinde Kayode Lukman Adewale F. |
| author_sort | Ayinde Opeyemi E. |
| collection | DOAJ |
| description | Most studies on local rice in Nigeria were centred on increasing production,
consumption or competitiveness with very few of them addressing the
determinants of the price of rice in an economy. Filling this gap requires a
study on the various factors that influence the price of rice. Food price
instability is a frequent forerunner of macroeconomic shocks and political
turmoil that can discourage long-run investment and curtail growth. In this
study, secondary data were employed. The study used descriptive statistics
tools to analyse the pattern of price variation over the period of 42 years
in the study area. Similarly, various factors affecting price variation of
rice were examined. The following recommendations were made: appropriate tax
collection measures on producers should be implemented so as to curtail
farmers from exploiting the masses by making excessive gains. Since the
decrease in export results in an increase in price, the government should
keep a balance between import and export to maintain the price of rice at a
reasonable level. The price of rice can be reduced by the government when
they implement measures to control the inflation rate in the economy. The
government should put measures to regulate the quantity of land used by rice
producers as well as to control the price of rice, since they both have a
positive relationship. |
| first_indexed | 2024-12-23T04:45:26Z |
| format | Article |
| id | doaj.art-03dd3554d7824b1dac7bfb103f3d4259 |
| institution | Directory Open Access Journal |
| issn | 1450-8109 2406-0968 |
| language | English |
| last_indexed | 2024-12-23T04:45:26Z |
| publishDate | 2016-01-01 |
| publisher | University of Belgrade - Faculty of Agriculture, Belgrade |
| record_format | Article |
| series | Journal of Agricultural Sciences (Belgrade) |
| spelling | doaj.art-03dd3554d7824b1dac7bfb103f3d42592022-12-21T17:59:40ZengUniversity of Belgrade - Faculty of Agriculture, BelgradeJournal of Agricultural Sciences (Belgrade)1450-81092406-09682016-01-01611799210.2298/JAS1601079A1450-81091601079ADrivers of rice price variation in Nigeria: A two-stage iterative ridge regression approachAyinde Opeyemi E.0Aina Victor I.1Ayinde Kayode2Lukman Adewale F.3University of Ilorin, Department of Agricultural Economics and Farm Management, P.M.B., Ilorin, Kwara State, NigeriaUniversity of Ilorin, Department of Agricultural Economics and Farm Management, P.M.B., Ilorin, Kwara State, NigeriaLadoke Akintola University of Technology, Department of Statistics, P.M.B. Ogbomoso, Oyo State, NigeriaLadoke Akintola University of Technology, Department of Statistics, P.M.B. Ogbomoso, Oyo State, NigeriaMost studies on local rice in Nigeria were centred on increasing production, consumption or competitiveness with very few of them addressing the determinants of the price of rice in an economy. Filling this gap requires a study on the various factors that influence the price of rice. Food price instability is a frequent forerunner of macroeconomic shocks and political turmoil that can discourage long-run investment and curtail growth. In this study, secondary data were employed. The study used descriptive statistics tools to analyse the pattern of price variation over the period of 42 years in the study area. Similarly, various factors affecting price variation of rice were examined. The following recommendations were made: appropriate tax collection measures on producers should be implemented so as to curtail farmers from exploiting the masses by making excessive gains. Since the decrease in export results in an increase in price, the government should keep a balance between import and export to maintain the price of rice at a reasonable level. The price of rice can be reduced by the government when they implement measures to control the inflation rate in the economy. The government should put measures to regulate the quantity of land used by rice producers as well as to control the price of rice, since they both have a positive relationship.http://www.doiserbia.nb.rs/img/doi/1450-8109/2016/1450-81091601079A.pdfprice variationriceridge regression and Nigeria |
| spellingShingle | Ayinde Opeyemi E. Aina Victor I. Ayinde Kayode Lukman Adewale F. Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach Journal of Agricultural Sciences (Belgrade) price variation rice ridge regression and Nigeria |
| title | Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach |
| title_full | Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach |
| title_fullStr | Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach |
| title_full_unstemmed | Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach |
| title_short | Drivers of rice price variation in Nigeria: A two-stage iterative ridge regression approach |
| title_sort | drivers of rice price variation in nigeria a two stage iterative ridge regression approach |
| topic | price variation rice ridge regression and Nigeria |
| url | http://www.doiserbia.nb.rs/img/doi/1450-8109/2016/1450-81091601079A.pdf |
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