A Review and Analysis of Agricultural Prices in Nigeria, 1977 - 1993

Authors

O. O. Akanji, Central Bank of Nigeria
E. U. Ukeje, Central Bank of NigeriaFollow

Publisher

Central Bank of Nigeria

Keywords

Agricultural Prices, Nigeria

Abstract

This paper reviews and analyses the various prices that have been in existence in the agricultural sector since the re-organization of the produce marketing system in 1977 to the present free market system. It was observed that a close relationship existed between the market prices and the determined prices. However, some upward revisions in the official prices were found to be neither rational nor based on any concrete study. Moreso, most commodities were implicitly taxed during the period 1977-1985. The increases in the prices recorded between 1986 1993 due to market liberalization had an added problem of marketing. The domestic market prices were exaggerated for round-tripping naira by merchants, the produce exported were of low, deteriorating quality and there were no buyers of last resort. The paper concluded that in spite of the problem of the liberalized produce market, it is still highly favoured and recommended that commodity market if established would address these problems.

Author Bio

O. O. Akanji (MRS) is a Deputy Director, Statistical Services Division, Research Department while Mr E. U. Ukeje is a Principal Economist in the Agric Studies Office, Real Sector Division.

Publication Title

CBN Economic and Financial Review

Issue

1

Volume

33

Recommended Citation

Akanji, O. O. & Ukeje, E. U. (1995). A Review and Analysis of Agricultural Prices in Nigeria, 1977 - 1993. CBN Economic and Financial Review. 33(1). 35-61.