Trend Analysis of Cassava Price and Growth Rate in Nigeria
The research work was on trend analysis of cassava output and price. The period covered was 1966-2009 (43 years) and data were collected on output hectare (area) and price of cassava within the time period from FAO statistical data base. The objectives were to estimate and analyze the trend of cassava price, estimate the growth rate of cassava, confirm acceleration, deceleration and stagnation of price of cassava in Nigeria. The results showed that there was gradual fluctuation in production; area planted increased with minimal fluctuations indicating that farmers are still faced with problem of pest and diseases, desertification, use of local implements, lack of mechanization in production process. Price of cassava accelerated with time and grew at 16.61% per annum confirming significant increase during the years under review and t2 was positive but not significant. This implies that cassava price stagnated with time. The R2 value was 0.9632 indicating that 96.32% of the variation in cassava price was explained by the estimated values. The F-ratio was also highly significant at 1% level of probability implying a regression of best fit. The results call for policies aimed at placing a type of stabilization fund through the requisite agencies to ensure that prices of the commodities do not fall below acceptable level because it discourages production. There is need to encourage private sector investment on the industries to expand existing market on the price offer for cassava and encourage large scale production.
Keywords: Cassava, price, growth rate, acceleration, deceleration, stagnation