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International Journal of Arts, Humanities and Social Studies

Vol. 5, Issue 1, Part A (2023)

A critical review of the Nigerian inflationary factors

Author(s):

Elsie Medley Dokubo, Samson Olayemi Sennuga, Joseph Bamidele, Osho-Lagunju Bankole, Alabuja Funso Omolayo and Tena M Banabars

Abstract:

The results of this study have demonstrated that regardless the government's efforts to regulate and control the economy and prevent inflation, inflation still happens in Nigeria. If the Nigerian government fails to establish new industries that could manufacture our goods, the country's reliance on imports will increase and inflation will continue to occur. Government policies are another factor that contributes to inflation. This happens as an outcome of the Naira's (N) depreciation, which causes the currency to lose its worth due to excessive demand for imports of goods like fuel, electronics, weapons, and other items that cannot be manufactured adequately in Nigeria due to weak or absent industries and labour requirements. These goods are then imported by Nigerians. If the right policies are in place, inflation can be managed and controlled to the advantage of both high and low income people. To prevent inflation and deflation, the government should implement policies that will run the economy. To reduce excessive importation, the private sector should concentrate more on developing the industries that we rely on the most. To address the issue of an increase in fuel importation, which is also one of the elements that contributes to inflation, an oil refinery ought to be established. Additionally, it is advised that government policies be used to control the prices of some goods that Nigerians most frequently need as well as the amount of money that circulates.

Pages: 41-47  |  268 Views  88 Downloads

How to cite this article:
Elsie Medley Dokubo, Samson Olayemi Sennuga, Joseph Bamidele, Osho-Lagunju Bankole, Alabuja Funso Omolayo and Tena M Banabars. A critical review of the Nigerian inflationary factors. Int. J. Arts Humanit. Social Stud. 2023;5(1):41-47. DOI: 10.33545/26648652.2023.v5.i1a.46
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