ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA

This study focused on Economic Analysis of wood market in Kajola Local Government Area of Oyo State. Multistage sampling was used in this study. Budgetary and Gini coefficient were used for the data analysis. Result showed that 54.0% engaged in the business were female 49.0% was in age group between...

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Main Authors: Babatunde O.O., Babatunde T.O., Olokeogun Y.S., Babatunde K.O., Ademigbuji A.T., Adepoju G.A.
Format: Article
Language:English
Published: iVolga Press 2022-06-01
Series:Russian Journal of Agricultural and Socio-Economic Sciences
Subjects:
Online Access:http://rjoas.com/issue-2022-06/article_04.pdf
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author Babatunde O.O.
Babatunde T.O.
Olokeogun Y.S.
Babatunde K.O.
Ademigbuji A.T.
Adepoju G.A.
author_facet Babatunde O.O.
Babatunde T.O.
Olokeogun Y.S.
Babatunde K.O.
Ademigbuji A.T.
Adepoju G.A.
author_sort Babatunde O.O.
collection DOAJ
description This study focused on Economic Analysis of wood market in Kajola Local Government Area of Oyo State. Multistage sampling was used in this study. Budgetary and Gini coefficient were used for the data analysis. Result showed that 54.0% engaged in the business were female 49.0% was in age group between 41-50 years, 57.0% are SSCE holder and 55.0% had 5-7 employees also 99.0% were private. The result also revealed that among the timber species that were common in the market include, Terminalia superba (Afara) has the highest percentage of 29.4%, and Azandiranta indica (Dongoyaro) has the least percentage. Moreover, the budgetary analysis of the plank vendor was revealed, the average revenue for the year 2016-2020 ranged between #21,120,100- #30,240,000, the net profit ranged between #13,432,033- #20,523,753. The result also show the market efficiency of the business from 2016-2020 was 2.75%, 2.93%, 2.41%, 3.16% and 3.11% respectively. Furthermore, the result show the market structure and conduct of the market and also show the constraints facing the market, ranging from inadequate power supply, high cost of transportation, insufficient species and Government policy. It was recommended that Government should encourage private tree plantation so as to make available more trees since demand for wood is at increased and also they should improve the market price and supply level of timber business in Kajola Local Government.
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spelling doaj.art-46886c50d9d543dabd8de8eb3f8a949f2023-09-02T09:08:06ZengiVolga PressRussian Journal of Agricultural and Socio-Economic Sciences2226-11842022-06-0112663642ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIABabatunde O.O.0Babatunde T.O.1Olokeogun Y.S.2Babatunde K.O.3Ademigbuji A.T.4Adepoju G.A.5Department of Wood and Paper Technology, Federal College of Forestry JerichoDepartment of Forestry Technology, Federal College of Forestry JerichoDepartment of Forestry Technology, Federal College of Forestry JerichoDepartment of Basic Science and General Studies, Federal College of Wildlife and ManagementDepartment of Forestry Technology, Federal College of Forestry JerichoDepartment of Forestry Technology, Federal College of Forestry JerichoThis study focused on Economic Analysis of wood market in Kajola Local Government Area of Oyo State. Multistage sampling was used in this study. Budgetary and Gini coefficient were used for the data analysis. Result showed that 54.0% engaged in the business were female 49.0% was in age group between 41-50 years, 57.0% are SSCE holder and 55.0% had 5-7 employees also 99.0% were private. The result also revealed that among the timber species that were common in the market include, Terminalia superba (Afara) has the highest percentage of 29.4%, and Azandiranta indica (Dongoyaro) has the least percentage. Moreover, the budgetary analysis of the plank vendor was revealed, the average revenue for the year 2016-2020 ranged between #21,120,100- #30,240,000, the net profit ranged between #13,432,033- #20,523,753. The result also show the market efficiency of the business from 2016-2020 was 2.75%, 2.93%, 2.41%, 3.16% and 3.11% respectively. Furthermore, the result show the market structure and conduct of the market and also show the constraints facing the market, ranging from inadequate power supply, high cost of transportation, insufficient species and Government policy. It was recommended that Government should encourage private tree plantation so as to make available more trees since demand for wood is at increased and also they should improve the market price and supply level of timber business in Kajola Local Government.http://rjoas.com/issue-2022-06/article_04.pdfprofitabilitytimbermarketeconomics
spellingShingle Babatunde O.O.
Babatunde T.O.
Olokeogun Y.S.
Babatunde K.O.
Ademigbuji A.T.
Adepoju G.A.
ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
Russian Journal of Agricultural and Socio-Economic Sciences
profitability
timber
market
economics
title ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
title_full ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
title_fullStr ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
title_full_unstemmed ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
title_short ECONOMIC ANALYSIS OF WOOD MARKET IN KAJOLA LOCAL GOVERNMENT AREA OF OYO STATE, NIGERIA
title_sort economic analysis of wood market in kajola local government area of oyo state nigeria
topic profitability
timber
market
economics
url http://rjoas.com/issue-2022-06/article_04.pdf
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