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Performance and profitability of palm oil wholesale marketing in Abia State, Nigeria
Abstract
The study was designed to examine the profitability of palm oil wholesale marketing in Enugu State, Nigeria. A Multi-stage sampling technique was adopted in sampling 60 palm oil wholesalers for the study. Data were collected using structured questionnaire, and analyzed using descriptive statistics, cost and returns analysis and ordinary least square regression. Socioeconomic characteristics of the wholesalers showed that the mean age of the wholesalers was 47 years. Majority (66.7%) of the wholesalers were married, with many (55%) of them were females. Mean household size of 4 persons was recorded and they all had formal education. Mean marketing experience of 11 years was recorded from the study and many (53%) do not belong to any cooperative society. The marketing of palm oil was found to be viable, as indicated by positive net returns of N106, 002.55 per month. The coefficient of marketing margin was 15%, while the marketing efficiency was 116%. Result of the regression analysis indicated that, age, marital status, household size educational level, marketing experience, membership of market union, cost of purchase, transportation cost and selling price were significant at various probability levels. Inadequate capital and high cost of transportation were the major constraints to palm oil marketing. The study therefore recommends that palm oil marketers should form cooperative society to enhance their access to finance. Marketers who are still strong and agile and experienced should be encouraged to up-scale production and remain in business. There is need also for access to free and affordable education to enable marketers’ access and process information on marketing innovations that will enhance marketing and revenue.
