Economic Valuation of Wild Animal Species in Odeda Local Government Area, Ogun State, Nigeria
A study on economic values of wild animal species was conducted to investigate the species of animals commonly hunted and the respondents’ willingness to pay (WTP) for conservation of the wild animals. The study was conducted at Odeda Local government area of Ogun state, Nigeria. Two hundred (200) structured questionnaires were administered on the randomly selected hunters. Data obtained were analyzed using simple descriptive statistics and multiple linear regression. The results showed that nineteen (19) wild animal species were commonly hunted by the respondents, among which were Cephalophus spp (12.70%), Tragelaphus scriptus (12.62%), Thryonomys swinderianus (12.37%) and Cricetomys gambianus (8.96%). The results of the contingent valuation (CVM) indicated that 30% of the respondents were willing to pay various amounts ranging from 100.00Naira (N) to 500Naira (N), with N300 as the modal value (13%).Multiple linear regression analysis revealed that the independent variables such as educational status, income from hunting, income from major occupation and years of experience in hunting, significantly influenced respondents’ willingness to pay. In conclusion, there is the need to properly orientate and educate hunters that wild animals are exhaustible renewable resources which require adequate management and conservation for sustainable utilization.
Key word: Economic valuation, Wild animal, Conservation Hunters, Willingness to Pay