Economic Valuation of Different Wood Species at Plank Market's in Ibadan North Local Government Area of Oyo state, Nigeria

Abstract

This project was carried out to determine economic valuation of different wood species found at plank market's
in Ibadan North Local Government Area (LGA) Oyo state. One hundred questionnaires were administered
randomly in the study area. The data was analysed with the use of descriptive statistics, profitability
measurement and Pearson chi square. Different wood species available in the plank market were Termnalia
superba, Cordia millenii, Miliscia excelsa among others. The result showed that 40% of the plank sellers are
between the ages of 41-50 years with the male (62%) constituting the highest number of plank sellers in Ibadan
North LGA, 88 % of the respondents source for finance of the business through family, friends and their
personal saving. Average Rate of Returns on Investment (RORI) was 477.11 %. The results of Pearson chisquare showed that household size, union membership and number of workers were significant p<0.005. It can
be concluded from the study that plank selling is profitable. The size of the logs available in the market was
small. It was therefore recommended that the corporate organization and all stakeholders should be more
educated on sustainable methods to forestall extinction of the highly valuable products.