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Periodical article Periodical article Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Price transmission and market integration in Oyo State, Nigeria
Authors:Oladapo, M.O.
Momoh, S.
Periodical:African Development Review
Geographic term:Nigeria
Subjects:food prices
agricultural market
food crops
External link:https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8268.2008.00195.x/pdf
Abstract:The authors test the market integration of the main staple agricultural commodities in Oyo State, Nigeria. Monthly prices per kilogram covering a period of 8 years (1994-2001) were obtained from Oyo State Agricultural Development Programme (OYSADP) and analysed using the model developed by M.C. Ravallion (1986). The authors also calculated the indices of market concentration (IMC) to measure the degree of spatial market integration. The IMCs for cassava, yam, white maize and yellow maize were 0.3074, 0.0814, 0.02712 and 0.1648 respectively. The IMCs imply high short-run market integration between the reference and rural markets. The market integration indices confirm that price changes in the urban markets (Bodija and Ilora) translated into changes in the price of cassava, yam, white maize and yellow maize in rural markets (Akanran, Towobowo, Anko, Irepodun, Oje, Obada and Ipapo). It is concluded that agricultural commodity arbitrage is working. The degree of market integration can be enhanced by the provision not only of transport infrastructure but also of adequate formal marketing information and standardization of weights and measures. Bibliogr., sum. [Journal abstract]