Effects of Covid-19 pandemic on commodity price volatility and the welfare of farming household in Nigeria

Paper Details

Research Paper 10/03/2023
Views (395) Download (56)
current_issue_feature_image
publication_file

Effects of Covid-19 pandemic on commodity price volatility and the welfare of farming household in Nigeria

Enwa Sarah, Ewuzie Peace
J. Bio. Env. Sci.22( 3), 1-8, March 2023.
Certificate: JBES 2023 [Generate Certificate]

Abstract

The evolving uncertainty of the emergence of the COVID-19 pandemic has adversely impacted some commodity prices, the welfare of farming households, and the economic growth and development of the country. The study is aimed at assessing the effects of Covid -19 pandemic on commodity price volatility and the welfare of farming households in Nigeria. The study was based on secondary data from (2010- 2022, and forecasts from 2023 -2026), collected from the Central Bank of Nigeria publication, IMF World economic outlook, and the World Bank report. Time- response graph and Autoregressive Moving Average (ARMA) was used to analyze the trend of the inflation rate, and T-test statistics, were used to test the relationship between the real income of farming household before and during the pandemic. The result showed that prices of some commodities doubled after the pandemic. There is a significant difference between the real income of farming households before and during the pandemic. The study recommends that a price control mechanism should be put in place to manage the affordability of goods and services in the market because this has a direct effect on the growth and development of the country.

VIEWS 55

Adewopo M, Liesbeth T, Micale O. 2021. Using Crowd-sourced data for real-time Monitoring of Food Prices during the COVID-19 Pandemic: Insights from a Pilot Project in Northern Nigeria, Global Food Security 29, 100523-,

Agyei Isshaq, Frimpong and Ahmed. 2021. COVID-19 and food prices in Sub-Saharan Africa, African development Review 33, S102-S113.

Ahmadi M, Behmiri NB, Manera M. 2016. How is volatility in commodity markets linked to oil price shocks? Energy Economics 59, 11-23.

Ahn S, Norwood FB. 2020. Measuring food insecurity during the COVID‐19 pandemic of spring 2020. Applied Economic Perspective

Ajayi O. 2020. ‘FG to Nigerians: We would have flattened Covid-19 curve but for your nonchalance’, Vanguard, 21 August, viewed 20 April 2021, from https://www. vanguardngr.com/2020/08/fg-to-nigerians -we-would-have-flattened-covid-19curve-but-for-your-nonchalance.

Allam Z, Jones DS. 2020. On the coronavirus (COVID-19) outbreak and the smart city network: universal data sharing standards coupled with artificial intelligence (AI) to benefit urban health monitoring and management. Healthcare 8(1), 46-55.

Amare M, Abay AK, Luca T, Chamberlin J. 2021. Covid-19 and food security: panel data evidence from Nigeria, food policy 101.

Ayanlade A, Radeny M. 2020. COVID‐19 and food security in Sub‐Saharan Africa: Implications of lockdown during agricultural planting seasons. npj Science of Food 4(13), 1-6. https://doi.org /10.1038 /s41538-020-00073-0

Barro RJ, Ursúa JF, Weng J. 2020. The Coronavirus and the Great Influenza Pandemic: Lessons from the “Spanish Flu” for the Coronavirus’s Potential Effects on Mortality and Economic Activity. NBER Working Paper No. 26866. Department of Economics. University College Manilla, the Philippines.

Berger ZD, Nicholas GE, Alexandra LP, Ross DS. 2020, ‘Covid-19: Control measures must be equitable and inclusive’, BMJ Editorials 368, m1141. https:// doi.org/10.1136/bmj.m1141

Enwa S, Ewuzie P. 2022. Assessment of Agricultural Cooperative Societies Role in Poverty Reduction and Welfare Provisions for Members Amidst Extant Covid-19 Pandemic of Selected ECOWAS countries, AEC International Conference on Agricultural Transformation in the ECOWAS Sub-region, 191-203.

Enwa S, Ude KD, Onyekachi C. 2022. Determinant of Entrepreneurship Decision for Agricultural Business among Tertiary Graduates in Delta State, Nigeria, IOSR Journal of Agriculture and Veterinary Science 15(3), 1-10.

Espitia A, Rocha N, Ruta M. 2020. Covid‐19 and food protectionism: The impact of the pandemic and export restrictions on world food markets (World Bank Policy Research Working Paper, 9253).

Hanson K, Robinson S, Schluter G. 1993. Sectoral effects of a world oil price shock: Economy wide linkages to the agricultural sector. Journal of Agricultural and Resource Economics 18, 96-116

Kehinde O. 2020. Estimating the Impact of COVID-19 on Small and Medium Scale Enterprise: Evidence from Nigeria. Academy of Management Review 14(4), 27-45.

Liang F, Litscher G. 2020. COVID-19 (Coronavirus Disease-19): traditional Chinese medicine including acupuncture for alleviation – A report from Wuhan, Hubei province in China. OBM Integrative and Complementary Medicine 5(1), 1-4.

Nwite O. 2016. Entrepreneurship education in Nigerian tertiary institutions: a remedy to graduates unemployment. British Journal of Education 4(5), 16-28

Ogisi DO, Begho T. 2021. Covid-19: Ramifications for Progress towards the Sustainable Development Goals (SDGs) in Nigeria, International Review of Applied Economics 35(2), 256-268.

Ozili PK, Arun T. 2020. Spillover of COVID-19: impact on the global economy. SSRN 3562570.

Pereira A, Peterman A, Neijhoft A, Buluma R, Kaloga IF, Harvey R. 2020, ‘Disclosure and help-seeking behavior among child victims of physical and sexual violence: A cross-country analysis from six countries’, Working paper pp. 1-23. Springer, California.

Peterman A, Potts A, Megan O, Thompson K, Shah N, Oertelt-Prigione S. 2020. ‘Pandemics and violence against women and children’, CGD working paper 528, Center for Global Development, Washington, DC, viewed 01 June 2020, from https://www.cgdev.org/publication/pandemics-and-violence-against-womenand-children.

Samuel KA, Zangina ISF, Anokye MA, Ahmed B, Oliver AS. 2020. COVID-19 and food prices in Nigeria, Wiley Library. DOI: 10.1111/1467-8268.12525.

This day. 2021. available at https://nairametrics. com/22/07/15/nigerias-inflation-rate-hits-a-65-month-high-of-18-6-in (Accessed 24 June 2022).