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Palm Oil Price Fluctuations and Welfare in Nigeria

Omosehin, Olarenwaju and Oseni, Joseph and Olutumise, Adewale and Osabuohien, E. S. C. (2022) Palm Oil Price Fluctuations and Welfare in Nigeria. COVID-19 in the African Continent.

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The economic importance of palm oil produced by its producers in food requirement, income generation, production and consumption has led to a significant increase in its demand over the years. Thus, this chapter evaluates the effects of palm oil price fluctuations on the welfare of palm oil producers in Nigeria based on annual time series data (1980–2018). In achieving its objectives, the study employs Autoregressive distributed lag model (ARDL). The result establishes the presence of a long-run relationship in the welfare of palm oil producers. The longrun estimates show that palm oil prices had a positive but insignificant relationship with the welfare of palm oil producers. In the short-run estimates, palm oil price and the exchange rate had adverse and significant effects on the welfare of palm oil producers, while the inflation rate positively and significantly influenced welfare. Therefore, the welfare programme should adopt policies that will stabilize the palm oil price and other foodstuffs to increase the standard of living of palm oil producers and raise their literacy levels.

Item Type: Article
Uncontrolled Keywords:  Fluctuations  Palm oil  Price  Welfare  Palm oil producers  Nigeria
Subjects: H Social Sciences > H Social Sciences (General)
T Technology > T Technology (General)
T Technology > TN Mining engineering. Metallurgy
Divisions: Faculty of Law, Arts and Social Sciences > School of Social Sciences
Depositing User: nwokealisi
Date Deposited: 14 Feb 2024 09:28
Last Modified: 14 Feb 2024 09:28

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