A STRATEGIC ASSESSMENT OF THE SOCIOECONOMIC STATUS OF PALM OIL MARKETING IN NIGERIA: A CASE STUDY OF PALM OIL MERCHANTS IN AN OIL PALM PREDOMINANT LOCAL GOVERNMENT AREA

The drastic decline in the palm oil market has been observed in the Nigerian economy despite all the prospects for profits from national and international trade. In this study, the data collected by means of questionnaires were analyzed using standard analytical methods. The statistical regression analysis results showed that the marketing costs influence the net production yield, the R2 value of 0.524 and the f value of 12.91 are significant with 1%. The identified challenges that affect the marketing of palm oil in the study area were categorized under insufficient funds, high transport costs and seasonality of the fruit. The results are useful elements for estimating the costs and benefits of marketing palm oil in the country. The study findings could also be used as a tool for policymaking by financial institutions, ministries of agriculture and other stakeholders in charge of agricultural development.