Current Volume 8
Abstract
The inflationary situation in Nigeria has become a threat to the economy and closely related to the persistent increase in the price of oil over the years, which began in the early 1980s when the petrol price increased from 9.5k per liter to 15.4k per liter. Price stability is a desideratum for every nation and has always been the core objective of monetary policy framework. This is borne of the perception that stability in prices of goods and services promotes economic growth. This paper, therefore, aimed at examining the impact of price instability on the economic development of Nigeria. Multiple methods of data collection were used (questionnaires, interviews and examination of secondary data). Multiple stage sampling techniques were initially used to select Five (5) towns in FCT, Abuja. Then twenty-two (22) participants were also randomly selected from each of the five towns selected. This brought the total number of participants to one hundred & ten (110). Three research instruments were used for data collection while Simple percentage and Chi Square were the main statistical tool for data analysis. Results show that there was significant relationship between inflation impacts and the economic development of Nigeria. There was also significant relationship between inflation impacts and the economic development of Nigeria and Price instability correlated negatively economy development in the paper. These findings were discussed, and recommendations made.
Citations
IRE Journals:
Egbo Agwu Ekenedilichukwu
"An Examination of the Impact of Price Instability in the Economic Development of Nigeria" Iconic Research And Engineering Journals Volume 7 Issue 4 2023 Page 511-525
IEEE:
Egbo Agwu Ekenedilichukwu
"An Examination of the Impact of Price Instability in the Economic Development of Nigeria" Iconic Research And Engineering Journals, 7(4)
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