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MEASURES TO COMBAT INFLATION IN NIGERIA

 

ABSTRACT

Inflation has remained one of the economic predicaments especially in development nation, like our nation Nigeria.

    This project was a through research into measures to combat inflation in Nigeria. It is to investigate the performance of they have contributed in the Nigeria economic.

    The research used two distinct types of data collection instrument on the write up. Questionnaire and library research.

    The findings of this study was based on the various anti inflation measures of the Nigeria government from 1961 to data and presented. Also an appraisal of the out turn of policy measure.

 

 

CHAPTER ONE

1. INTRODUCTION

 

1. Webster’s new collegiate dictionary defined inflation as an increase in the volume of money and credit relative to available goods resulting in a substantial and contemning rise in the general price level. I may decide to defined inflation as an increase in purchasing power of money occasioned by an increase in the general price level. Following the Webster’s dictionary definition three things are worthy of note: it recognizes that inflation cannot occur unless;

1. There is an increase in the volume of money and credit.
2. This increase exceeds any rise in the available goods and service.
3. It leads to a substantial and continuing rise in the general price level. if we grasp these three elements, we can understand that whole concept of inflation and they are very easy to grasp if we remember that:

I, this demand is on goods and services.

11, it is money and credit which make on demand effective and.

111, Economic theory tells us that demand increase, supply remains the same, and price rises. In the light of these basic considerations, we can define inflation as excess of demand over supply at current prices.

 

1.1, BACKGROUND OF THE STUDY.

 

Inflation as we now know, it began in Nigeria during and after the Nigeria civil war (that is from 1965 to 1970. before the war a bag of 500 cups of rice cost N14.00, the price went up to N43.00 immediately after the civil war in 1970. the price fell almost to its pre-war level seven years later in 1977, between 1973, and 1975, the price of a packet of st, Louise sugar rise from 20k to 55k, a loaf of bread from 10k to 20k. since 1978 price have been rising steadily and have become the concern of the government and the Nigeria people.

Finally, inflation has become a household world in Nigeria. It is no longer some stranger economic jargon to any student. there is handle any Nigeria citizen  who dose not worry about rising prices and the  high cost of living .

 

1.2, STATEMENT OF PROBLEM

 

There have been widespread complaints of customers not being fairly and conteously treated they approach manufacturer to benefit from numerous services.

     This study will investigate the causes of inflation in Nigeria and also the measures used in controlling inflation.

      Finally, this study will recommend some of solution or remedies to the inflation.

1.3, OBJECTIVE OF THE STUDY

 

The aim of this study is to determine what study is to all about, that is the causes and its remedies in Nigeria and also the measures used in controlling inflation.

    Firstly, I can say that inflation is a continuous rise in price of goods and services without a mactchable increase in supply of goods and services.

    Secondly, another objective of this inflation, mighty be a way our nation wants to withdraw excess money in the economy, which is chasing few goods and services.

    Lastly, recently there has been inflation in our nation from the mouth of June 2003, on oil product; I can classify this inflation in oil as hyperinflation.

1.4 SIGNIFICANCE OF THE STUDY

 

       The main significance of this study is to know what inflation is all about or implies and whether it has important.

      Initial I have defined inflation as continuous rise in prices in addition to this; it is too much money in circulation without being equal to the available goods and service.

    Moreover, I can say that inflation has important, the major important of inflation in Nigeria is that its helps to bring equilibrium level between available money and available goods and services in the economy.