Economic Impact of Some Determinant Factors of Nigerian Inflation Rate

The Nigerian Government both previous and present has introduced several policies and programmes to reduce or proffer remedial measures to militate against the negative impact of high inflationary levels on the Nigerian economy. All these measures have not led to a productive result as the inflation...

Full description

Bibliographic Details
Main Authors: Mohammed Anono ZUBAIR, Samuel Olorunfemi ADAMS, Kosarahchi Sarah ANIAGOLU
Format: Article
Language:English
Published: Tripal Publishing House 2022-03-01
Series:Journal of Economics and Financial Analysis
Subjects:
Online Access:https://ojs.tripaledu.com/jefa/article/view/66
_version_ 1797778088358051840
author Mohammed Anono ZUBAIR
Samuel Olorunfemi ADAMS
Kosarahchi Sarah ANIAGOLU
author_facet Mohammed Anono ZUBAIR
Samuel Olorunfemi ADAMS
Kosarahchi Sarah ANIAGOLU
author_sort Mohammed Anono ZUBAIR
collection DOAJ
description The Nigerian Government both previous and present has introduced several policies and programmes to reduce or proffer remedial measures to militate against the negative impact of high inflationary levels on the Nigerian economy. All these measures have not led to a productive result as the inflation rate has continued to sour higher over the years. This paper aimed at examining the economic influence of the determinant factors that influence inflationary trends that are multi-dimensional and dynamic which continue to defy solutions. The data used for this work was sourced from the National Bureau of Statistics and Central Bank of Nigeria, from 1983 to 2020. The ordinary least square approach was used to analyze the data and the result shows that consumer's price index, interest rate and total export has a positive effect on Nigeria inflation, but only the Consumer's Price Index (CPI) have a statistically significant effect on the Nigeria inflation at 99% confidence interval. Result also shows that the exchange rate, foreign reserve, money supply, real GDP, real income and total imports has a negative effect though not statistically significant on the Nigeria inflation rate. The result of the Granger causality test shows exchange rate and total imports to Granger cause Nigeria inflation. It is recommended that Government should improve locally manufacture products to meet international demands to reduce total imports.
first_indexed 2024-03-12T23:13:17Z
format Article
id doaj.art-2a2c78b9efba49538a8c4b7d8a274b1c
institution Directory Open Access Journal
issn 2521-6627
2521-6619
language English
last_indexed 2024-03-12T23:13:17Z
publishDate 2022-03-01
publisher Tripal Publishing House
record_format Article
series Journal of Economics and Financial Analysis
spelling doaj.art-2a2c78b9efba49538a8c4b7d8a274b1c2023-07-17T18:27:57ZengTripal Publishing HouseJournal of Economics and Financial Analysis2521-66272521-66192022-03-0152234110.1991/jefa.v5i2.a4445Economic Impact of Some Determinant Factors of Nigerian Inflation RateMohammed Anono ZUBAIR0Samuel Olorunfemi ADAMS1Kosarahchi Sarah ANIAGOLU2University of AbujaUniversity of AbujaUniversity of AbujaThe Nigerian Government both previous and present has introduced several policies and programmes to reduce or proffer remedial measures to militate against the negative impact of high inflationary levels on the Nigerian economy. All these measures have not led to a productive result as the inflation rate has continued to sour higher over the years. This paper aimed at examining the economic influence of the determinant factors that influence inflationary trends that are multi-dimensional and dynamic which continue to defy solutions. The data used for this work was sourced from the National Bureau of Statistics and Central Bank of Nigeria, from 1983 to 2020. The ordinary least square approach was used to analyze the data and the result shows that consumer's price index, interest rate and total export has a positive effect on Nigeria inflation, but only the Consumer's Price Index (CPI) have a statistically significant effect on the Nigeria inflation at 99% confidence interval. Result also shows that the exchange rate, foreign reserve, money supply, real GDP, real income and total imports has a negative effect though not statistically significant on the Nigeria inflation rate. The result of the Granger causality test shows exchange rate and total imports to Granger cause Nigeria inflation. It is recommended that Government should improve locally manufacture products to meet international demands to reduce total imports.https://ojs.tripaledu.com/jefa/article/view/66economic growthfiscal policygranger causality testgross domestic productinflationary rateinterest rate.
spellingShingle Mohammed Anono ZUBAIR
Samuel Olorunfemi ADAMS
Kosarahchi Sarah ANIAGOLU
Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
Journal of Economics and Financial Analysis
economic growth
fiscal policy
granger causality test
gross domestic product
inflationary rate
interest rate.
title Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
title_full Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
title_fullStr Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
title_full_unstemmed Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
title_short Economic Impact of Some Determinant Factors of Nigerian Inflation Rate
title_sort economic impact of some determinant factors of nigerian inflation rate
topic economic growth
fiscal policy
granger causality test
gross domestic product
inflationary rate
interest rate.
url https://ojs.tripaledu.com/jefa/article/view/66
work_keys_str_mv AT mohammedanonozubair economicimpactofsomedeterminantfactorsofnigerianinflationrate
AT samuelolorunfemiadams economicimpactofsomedeterminantfactorsofnigerianinflationrate
AT kosarahchisarahaniagolu economicimpactofsomedeterminantfactorsofnigerianinflationrate