AKSU Journal of Agricultural Economics, Extension and Rural Development
ISSN(Online): 2736-0040 ISSN(Print): 2695-1975
ISSN(Online): 2736-0040 ISSN(Print): 2695-1975
Abstract
The study estimated price variability of selected agricultural products in Akwa Ibom State between
2000to 2015. Objectively, it assess trend in prices of agricultural products, percentage changes in prices
and its effect on output and the determinants of price variability of agricultural products in the study
area. Secondary were obtained from Ministry of Economic Development, Akwa Ibom State, Akwa Ibom
Agricultural Development Program (AKADEP), National Bureau of Statistics (NBS) and Central Bank of
Nigeria (CBN) publications. Simple percentages and multiple regression models were used to analyse
data obtained and results are presented in graphs and tables. Findings show trending agricultural
product prices and also a fluctuating percentage change in the prices of agricultural products.
Agricultural products price variability show a positive relationship to agricultural output. A variation in
prices of the products results in a corresponding change on output. Also, pump price, exchange rate,
average rainfall, aggregate input price and inflation rate were the determinants of variability of prices of
agricultural products in the study area. Study suggests the implementation of policies which will buffer
the agricultural sector from the effect of variability of agricultural product prices. Also, policies which
reduce the rate of inflation will minimize price variability among agricultural commodities and
consequently reduce inefficiency, distortions and misallocation of resources in agriculture that might be
caused by inflation.