SOCIO-ECONOMIC ANALYSIS OF Terminalia superba (Engl. & Diel) SAWN WOOD IN SELECTED PLANK MARKETS IN IBADAN, OYO STATE, NIGERIA

Abstract

This study evaluated the socio-economic impact and uses of Terminalia superba in selected plank markets in Ibadan, Nigeria. The research was conducted across four purposively selected Local Government Areas (LGAs): Egbeda, Ibadan South-West, Ibadan North-West, and Oluyole. A total of 149 respondents were randomly selected, and well-structured questionnaires were administered to collect primary data. Data analysis was conducted using descriptive statistics and benefit-cost ratio (BCR) analysis. A significant proportion of respondents were middle-aged, with men (57%) being more involved in the business than women (43%). Marital status data indicated that 91.3% of the respondents were married, and the predominant age group engaged in the sawmilling business was between 31 and 40 years. The findings revealed that T. superba is predominantly utilized for roofing, medicinal purposes, furniture, molding, and paper-making in the study areas. The business plays a vital role in providing employment, enhancing local income, improving living standards, and increasing the availability of the product in the local market. The benefit-cost analysis of the T. superba business revealed a favorable BCR of 1.84, indicating that for every ₦1 invested, an additional ₦0.87 is earned as profit, signifying a profitable venture. However, several constraints were identified, including long distances to the source of saw logs (98.6%), price fluctuations (95.3%), and poor road infrastructure leading to the forest (93.2%), all of which hindered the smooth operation of the business. The study also highlighted that T. superba contributes to sustainable forest management (SFM) by promoting reforestation and enhancing the availability of the product in local markets. Based on these findings, the study recommends that government and policymakers encourage the reafforestation of T. superba while supporting the industry through policies that promote sustainable forest management practices, skills development, and improved market access.