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INFLATION IN NIGERIA, CAUSES, CONSEQUENCES AND CONTROL
INFLATION IN NIGERIA, CAUSES, CONSEQUENCES AND CONTROL
TABLE OF CONTENTS
TITLE PAGE
APPROVAL PAGE
DEDICATION
ACKNOWLEDGEMENT
TABLE OF CONTENT
CHAPTER ONE
1.0 INTRODUCTION
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
CHAPTER TWO
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
CHAPTER THREE
3.0 SUMMARY OF
FINDINGS, RECOMMENDATION AND CONCLUSION
3.1 SUMMARY OF
FINDINGS
3.2 RECOMMENDATIONS
3.3 CONCLUSIONS
REFERENCES
CHAPTER ONE
1.0
INTRODUCTION
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.
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