International records / OpenAlex research

Modelling and forecasting monthly palm oil prices in Nigeria: (1960 – 2024)

This study investigates the dynamics of palm oil prices in Nigeria from January 1960 to May 2024, with a focus on identifying patterns and developing an effective forecasting model. Descriptive statistics revealed significant variability in prices, with an average price of $532.58 and a high coefficient of variation at 52.27%, indicating substantial fluctuations over time. The price distribution exhibited positive skewness and high kurtosis, suggesting the presence of extreme values. To model and forecast these prices, a Seasonal Autoregressive Integrated Moving Average (SARIMA) model, specifi…