DYNAMICS OF WOOD EXPORT IN NIGERIA (1962-2017): AN ECONOMETRIC ANALYSIS
Nigeria is endowed with natural resources which include timber which has contributed in a significant way to the economy. This study examined the dynamics of wood export from 1962 to 2017. Secondary time series data obtained from FAOSTAT (Food and Agriculture Organization Statistics) were used for t...
| Main Authors: | , , |
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| Format: | Article |
| Language: | English |
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iVolga Press
2020-01-01
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| Series: | Russian Journal of Agricultural and Socio-Economic Sciences |
| Subjects: | |
| Online Access: | https://rjoas.com/issue-2020-01/article_24.pdf |
| Summary: | Nigeria is endowed with natural resources which include timber which has contributed in a significant way to the economy. This study examined the dynamics of wood export from 1962 to 2017. Secondary time series data obtained from FAOSTAT (Food and Agriculture Organization Statistics) were used for the study. The data were analyzed using some econometric tools such as Autoregressive Integrated Moving Average (ARIMA) models and subjected to Augmented Dickey Fuller (ADF) test. Results revealed that the future volume of sawn wood export is significantly determined by its previous two lagged values. In other words, the current quantity or value of export of sawn wood will be determined by the previous two quantities of export. It was also observed that there were series of upward and downward movements in export volumes of sawn wood over the period of study. The study shows that Nigeria will continue to witness decline in wood export over a period of time. Decline in wood export can only be halted if there is a drastic intervention by the government and other stakeholders to invest in plantation establishment and an effective forest management mechanism put in place for a sustainable management of this valuable renewable resource. |
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| ISSN: | 2226-1184 |