PRICE INTEGRATION OF COWPEA RETAIL MARKETS IN NIGER STATE, NIGERIA
Journal Title: Academic Research International - Year 2013, Vol 4, Issue 3
Abstract
The study investigated cowpea market integration inNiger State, Nigeria. Data was sourced secondarily. Multistage stratified random sampling was employed to select markets, a total of six (6) markets comprising Kontagora and Salka markets (from production strata); Minna and Bida markets (from consumption strata) and Sabon wuse and Mokwa markets (from transitory strata) were selected for the market integration study.. Data was analysed variously through the use of the Augmented Dicky Fuller unit root test, Johansen co-integration test, Error correction model and Granger causality tests. Results from the market integration study revealed that markets in Niger State present a relatively long run integration in cowpea prices. A strong spatial price linkage exists between Kontagora vs. Sabonwuse and Bida vs. Sabonwuse markets. This was adduced to the ease, flow and use of market information, competition among market participants and the presence of arbitrage. Results from the Granger causality tests indicated both bidirectional and unidirectional causation. Recommendations from thisstudy included the need for the provision of adequate market information on currentprice dissemination to market participants through government agencies. Creating an environment for competition amongst market participants to enhance integration of cowpea prices. Improve infrastructures, such as good and accessible roads and telecommunication network.
Authors and Affiliations
Ibrahim Faith Debaniyu
Keywords
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