Economic analysis of major wood species sold in plank markets in Alimosho Local Government Area, Lagos State, Nigeria

Abstract

This study examined the economics analysis of the major wood species sold in plank markets in Alimosho Local Government Area, Lagos, Nigeria. Multi stage sampling technique was used to select 120 respondents and it involves the selection of Alimosho Local Government Area, Random selection of twelve (12) plank markets and simple random sampling technique was used in selecting respondents in the plank markets. Data were analyzed using descriptive and budgetary analytical tools. The results showed that majority of the respondents were males (90%) and between the age of 35 to 44 (39.2%). Majority were married (90%) and mostly Yoruba (95%). Large percentage (71.7%) had secondary education and were Muslims (60.8%). Majority (98.3%) were fulltime plank marketers and 98.3% secured their business through apprenticeship while capital was mostly by means of personal savings. Most of the plank markets were over 30 years and they were all privately owned. Wood species in the study area includes mahogany (Khaya ivorensis), iroko (Milicia excelsa) Gmelina (Gmelina aborea), Teak (Tectona grandis), Araba (Ceiba pentandra), Ayunre (Albizia zygia), Obi (Cola spp) among other Rate of Return on Investment (RORI) recorded for plank size 2x6 inches for all wood species was more than other plank sizes. TheBenefit Cost Ratio (BCR) greater than 1 (BCR>1), indicating that the enterprisewas profitable. It is recommended that only trees that have attained merchantable height and girth should be felled for conversion.