Long-Run Price Integration in the Nigerian Fresh Fish Market: Implications for Marketing and Development

HIS study assesses the Nigerian fresh fish market for presence and extent of long-run integration using descriptive, inferential statistics and special regression models. Empirical results revealed that some markets had prices that were either too high or too low compared with the mean. There was a high variability in prices ranging from 62.1% for Uyo market to 95.5% for Enugu market. The price series in all the markets, except those of Akure and Owerri, accepted the null hypothesis of non-stationarity at their levels at 5% significance level. The integration test showed that only 41% of markets examined had prices which are tied together in the longrun. The Granger-causality model revealed that Bauchi, Kano and Makurdi markets occupy leadership position in price formation and transmission. The implications of the empirical results for marketing and development were discussed. The study concludes that the level of competitiveness is low in fresh fish marketing in Nigeria and recommends that market information dissemination be improved upon while experimental pricing policy for reduced delivered price of fresh fish commences at the identified leader markets.