ECONOMIC ANALYSIS OF MEDICINAL PLANTS MARKETING IN SOKOTO METROPOLIS, SOKOTO STATE, NIGERIA

The study assesses the economic analysis of medicinal plants marketing in Sokoto metropolis, Sokoto State, Nigeria. Data for the research was collected using a well-structured questionnaire which was administered to two hundred and seventy (270) respondents (medicinal plants practitioners/marketers). A multi-stage sampling technique was used for the study, in the first stage, eight markets were purposively selected from urban (5) and peri-urban (3) markets. In the second stage, thirty (30) respondents were selected from each market and thirty of the itinerants from the urban markets. Data obtained were analysed descriptively using tables, frequencies, percentage and gross margin. The result revealed that, male (90%) were the major actors and 42.2% of medicinal plants marketers were within the age range of 31-40 years. About 88.9% were married with 54.81% household size of 1-10 persons. The study revealed 60% had Qur’anic education, majority (58.51%) of the respondents had 6-15 years of experience in the medicinal plants marketing, 93.7% were in the association for about 6 – 15 years of membership. The results revealed that, sales per week ranged from ₦10,000 to greater than ₦50,000. Majority (47.41%) of the respondent’s sales per week ranged from ₦10,000 – ₦15,000. The minimum sale for the respondents (0.74%) was found within the range of ₦30,000 – ₦35,000 and ₦45,000 – ₦50,000. The highest profit margin was between ₦5000 – ₦10,000 with 38.89% of the respondents, while 5.19% of the respondents gained over ₦30, 000. The gross margin, total variable cost and total revenue were ₦13,231.25±9,656.18; ₦5,765.90±3,973.57 and ₦18,997.15±10,676.37 respectively. Although, cost of labour gulped the highest production cost representing 62% of the total cost but the return on investment (ROI) was 229.5% which showed that, marketing of medicinal plants is highly profitable. Standard` price in the sales of medicinal plants should be encouraged for uniformity to enhance better profit in the medicinal plants business in Sokoto Metropolis.