Other Determinants of Inflation in Nigeria

Inim, Victor; Samuel, Udo Emmanuel; Prince, Abner Ishaku

doi:10.14207/ejsd.2020.v9n2p338

Cited by 16 publications

(10 citation statements)

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“…According to Inim et al (2020) in Nigeria, poor infrastructural development, exchange rate, political instability, corruption, and double taxation significantly stimulate inflation rather than just money supply. Therefore, these non-monetary factors should be controlled to achieve low inflation at most and economic growth and development (Inim et al, 2020).…”

Section: Inflationmentioning

confidence: 99%

An Examination of the Effectiveness of Economic Recovery and Growth Plan in Nigeria

Bello

Neba

2023

IJGPPA

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Right from the independence and especially since the return to democratic governance in 1999, the successive governments in Nigeria have made concerted efforts in economic and development planning. Nigeria’s quest for a sustainable development roadmap has been a torturous one since independence with various plans and policies developed to fast-track the economy. However, no meaningful change has been witnessed thus making all successive governments come up with different development blueprints on how to rejig the economy. The Buhari Administration has come up with the Economic Recovery and Growth Plan (ERGP), a Medium-Term Plan for 2017-2020 which was built on the Strategic Implementation Plan (SIP) to restore economic growth while leveraging the ingenuity and resilience of the Nigerian people. It is sufficient to say that the Economic Recovery and Growth Plan (ERGP) was a medium-term, all-around developmental initiative that focused on restoring growth, investing in people, and building a globally competitive economy. The main objective of this paper is to examine the performance of the plan as a developmental state paradigm for “Nigeria's economic recovery”. Data were generated from secondary sources. The study revealed that, even though ERGP was implemented properly, its expected positive impact on GDP growth, reduction of inflation, and unemployment is not satisfactory. Accordingly, restructuring of the economy through diversification needs to be seriously sustained in Nigeria. Keywords: Economic Recovery and Growth Plan (ERGP), Nigerian Populace, Strategic Implementation Plan, Nigerian Economy, Development Planning

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Section: Inflationmentioning

confidence: 99%

An Examination of the Effectiveness of Economic Recovery and Growth Plan in Nigeria

Bello

Neba

2023

IJGPPA

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“…As a result, it proves that there is a far-reaching consequence of the rule of law on inflation in a country. A study by Inim et al (2020) showed that in Nigeria, other than money supply, inflation is also determined by other factors like corruption, government expenditure on security, political instability, etc. The word corruption is defined as "the abuse of entrusted power for private gain" and more often indicates the abuse of public office for private gain (Gray & Kaufman, 1998;Rose-Ackerman, 1999;Lambsdorff, 2007;.…”

Section: Literature Reviewmentioning

confidence: 99%

Appraising the Impact of Rule of Law, Control of Corruption, and Govt. Effectiveness on Inflation: An Empirical Case of Bangladesh

Kabir¹,

Fairuj²,

Montaha³

et al. 2023

GSSR

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This study is an effective initiative to find out the impact of noneconomic determinants as well as the importance of noneconomic determinants on inflation in Bangladesh. Time series data was used from 1996 to 2020. The unit root test, on the other hand, indicates that the stationary at the first difference of all variables indicates I(1). Cointegration results ensure long-run associations among variables. The econometric methods apply the Generalized Linear Model (GLM) technique for measuring the importance of noneconomic determinants for controlling inflation. Findings show the importance of noneconomic determinants to controlling inflation, where the controls of corruption, the rule of law, and government effectiveness have influenced the reduction of inflation in Bangladesh. It should be focused on improving the quality of noneconomic performances and emphasizing the significance of those factors through the implications of rules and regulations, digitalization, and ensuring open-door services and accessible information for all consumers of goods and services. Further study may consider the other noneconomic as well as macroeconomic determinants that have a large contribution to determining inflation in Bangladesh.

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“…And over time economists have found that many other factors determine change in prices. For instance, foreign exchange, the saving-investment gap, the effects of agricultural output and its value chain, research and development, governance, and the institutional framework, among others, equally determine prices in general (Okoye et al 2019;Inim, Samuel, and Prince 2020).…”

Section: Review Of Literature Theoretical Reviewmentioning

confidence: 99%

Climate Change and Macro Prices in Nigeria: A Nonlinear Analysis

Foye

2022

MGT

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The study analyses the impacts of climate change on macro prices (foodprices, interest rate, and exchange rate). Secondary data from 1960–2019are used, and the nonlinear autoregressive distributed lag method is employedaccordingly. The results reveal that there is a long-run relationshipamong the variables employed. In addition, asymmetry only existsbetween food prices and exchange rate in the short run while it only subsistsfor all macro prices, except interest rate as a dependent variable, inthe long run. Also, the relative effects of climate change on macro pricesgrade food prices with the highest effect. In fact, the continual need for climatepolicies in both financial and real sectors to douse the effect of climatechange on macro prices cannot be overemphasised. Therefore, this studyrecommends that the Nigerian government and policymakers should ratifyand pursue policy initiatives and strategies based on both negative andpositive changes in macro prices.

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Other Determinants of Inflation in Nigeria

Cited by 16 publications

References 0 publications

An Examination of the Effectiveness of Economic Recovery and Growth Plan in Nigeria

An Examination of the Effectiveness of Economic Recovery and Growth Plan in Nigeria

Appraising the Impact of Rule of Law, Control of Corruption, and Govt. Effectiveness on Inflation: An Empirical Case of Bangladesh

Climate Change and Macro Prices in Nigeria: A Nonlinear Analysis

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