INFLATION IN NIGERIA, CAUSES, CONSEQUENCES AND CONTROL
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1.1 BACKGROUND OF STUDY
1.2 STATEMENT OF PROBLEM
1.3 SCOPE OF THE STUDY
1.4 OBJECTIVE OF STUDY
1.5 LIMITATIONS OF STUDY
1.6 DEFINITION OF THE TERM
2.0 REVIEW OF RELATED LITERATURE
2.1 AN OVERVIEW OF THE TYPES. CAUSES AND CONSEQUENCES OR EFFECT OF INFLATION
2.2 DEFINITION OF INFLATION
2.3 TYPES/CAUSES OF INFLATION
2.4 INFLATION PROSPECT AND ANTI INFLATION POLICIES
2.5 PERVASIVENESS OF INFLATION
2.6 EFFECT OF INFLATION
2.7 METHOD OF COLLECTION AND SOURCES OF DATA
2.8 AREAS OF STUDY
3.0 SUMMARY OF FINDINGS, RECOMMENDATION AND CONCLUSION
3.1 SUMMARY OF FINDINGS
1.1 BACKGROUND OF THE STUDY
Inflation is neither new in the economic of Negara nor the work at large.
Variations in magnitude or rates have been observed to be in existence.
In Nigeria, the rate of inflation was about 10% between 1969 and 1970. prices rose by about 14% (fourteen percent) (i.e. immediately after the civil war), then fell to 30% in 1872, and rose again by about 16% in 1974 and reached a rate of about 34% increase in 1975 inflation was the greatest task to government’s policy makers in the 1970’s history.
In the work, between 1799 – 1801, prices rose by more than 50%. Also between 1937 – 1941 (i.e. during second world war), the price level was recorded to be almost double what it was before.
Then between May 1542 and mid 1551, the world recorded an inflationary rate of 16% per annum, 23% during war with France and almost 30% during the first war in 1914 – 1918. Thus is about the highest rate attained in the world history.
It is now clear that inflation persist both in the developed and developing countries, with difference in magnitude or rated. The rates in developing countries making companion with present situation, as the above noted rates were attained during the eighteen century and the early part of nineteenth century (1799 – 1807), and the early mid parts of the twentieth century (1939 – 1951).
In the case of Nigeria, the highest rate were attained in the late twentieth century (1969 – 1975).
We all know that inflation simply refers to a continuous or latermitent rise in price.
According to web stars seventh new collegiate dictionary, inflation is defined as an “increase in the volume of money and credit relative to available goods resulting in a substantial and continuity rise in the general price level. This definition pull out the fact that inflation cannot occur unless there is under increase in the volume of money and credit which brings about continued rise in general price level of goods and services, which is not being matched by the proportionate quantity of goods and services in the economy.
Inflation became rampant in Nigeria after the Nigerian civil war, though it might have been in existence bough before then.
Immediately after the Nigeria civil war, prices took an upward turn from their previous levels. This was due mainly on the shortage of goods and services caused by the disruption of productive factors by the civil war.
Further, another important caused factor is the review of salaries and wages. This reviews stated with Adebo Award of 1970, which was followed by the Udoji and Williams awards o 1974, and also 45% increase in salaries implemented by Gen. Babangida in 1991 and also the most recent one that is the new minimum wage by Gen. A. Abubakar and president Obasenjo in1999 and 2000 respectively. All these revises intensities the inflationary pressure.
Also, the high prices of imported goods arising from increase in foreign price and instability of international exchange rate. Surcharge from port congestion, strange facilities, marketing arrangement plus the distribution net work, the impact of second tier foreign exchange market and the removal of oil subsidy are all inflationary factors in the Nigeria economy.
The most current inflationary element in Nigerian economy today is the removal of oil subsidy. Such the removal, there has been an increase in the price of oil which had led to price increment of most items, as an increase in transportation fare is a living example now.
It is worthy to note at this juncture that all these issue accrued accelerated increase in the aggregate demand not being matched by appropriate expansion in domestic output and the input of goods and services.
Additionally, if inflation were to affect every one in exactly the same way and degree, it would have not importance whatsoever, its social significance arises from the fact that it always does affect the people differently. Its effect on Mr. A. Differs from its effect on Mr. B. depending on personality, income and family background corporation, also their inactions, while in the local places on in the city are of relevance of the study.
- STATEMENT OF PROBLEM
The inflationary period is a time of high prices of goods and
services. This lowers the quantity and type of products (goods and services) purchased by individuals and corporation at any point in time. The problem posed in that individuals and corporations and others in the society are unable to purchase types (quality) and quantity of desired goods and services during inflationary.