Supply Responsiveness of Nigerian Fisheries to Price and Policy Factors from 1971-2010

In this study the long run and short run supply responsiveness of Nigerian fisheries sector to price and policy variables for the 1971 to 2010 period were estimated using the bounds testing approach to cointegration. The goal was to present policy makers with empirical evidence of the viability of economic policies. The work was undertaken using time series data on fish production from 1971-2010. These data were obtained from the Federal Department of Fisheries, National Bureau of Statistics, Central Bank of Nigeria and the FAO. Results show that fish supply was generally inelastic to price and policy variables in both long and short run implying that although prices and policy variables are important, they have not elicited the desired change for the fisheries subsector. Proper policy mix to support price initiatives, like provision of more loans, and increased productivity through training as well as access to modern equipments may provoke greater elasticities.