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A DISEQUILIBRIUM MODEL OF THE DEMAND FOR AND SUPPLY OF RICE PADDY IN NIGERIA

A DISEQUILIBRIUM MODEL OF THE DEMAND FOR AND SUPPLY OF RICE PADDY IN NIGERIA

 

Abstract: In the face of recent economic upheavals, the need to feed an ailing and hungry society cannot be overemphasised. This was clearly seen in the economic tremors felt in the Nigerian economy when the government put a sledge on the importation of major food products. One of the products highly affected was rice paddy, which had a spiral pattern of consumption. With the recent rush in the demand of rice paddy and inadequacy in its supply, it became imperative to model the disequilibrium in the demand for and supply of rice paddy in Nigeria. In order to achieve this, a simultaneous equations model was adopted. Applying 3-stage least squares (3SLS) technique to time series data spanning 1980-2015, the study found that demand for and supply of rice were price inelastic. It suggested, therefore, that there should be policy that would stimulate sustained increase in domestic rice production capacity while maintaining the fragile and volatile market of the commodity.

JEL classification: D58, 013, 15

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