HISTORY OF INFLATION IN NIGERIA
A SHORT HISTORY OF INFLATION RATE IN NIGERIA, Inflation has been a major problem facing Nigeria right from the period of civil war (1966 – 1970). Prior to this period, the Nigerian economy was in steady growth. This condition of inflation history continued till the time of the first military intervention in 1966 when there was a deliberate policy of fiscal and monetary discipline.
There was a balanced budget and there was no inflation. Due to increase in government expenditure, budget deficit became acceptable to the government and inflation-opposite of deflation.stagflation. started to set in. by 1973 inflation had risen to about 6%. In that same year, the Naira was devalued and the prices of imported commodities increased. In 1974, the Udoji salary award took the inflation figure from 13.8% that year to about 34% in 1975 due to increase in salaries and wages of workers. However, there have been fluctuations in the level of inflation history in Nigeria.
- economic tools for nation building
- factors affecting the expansion of industries
- mineral resources and the mining industries
- demand and supply
- types of demand curve and used
- advertising industry
- factors of production
- joint stock company
- public enterprises
- private enterprises
- limited liability companies
For example, the inflation figure 1982 was just about 7% but rose to 24% in 1983 and to 39% in 1984 and it became worse in 1986 when Second-tier Foreign Exchange Market (SFEM) was introduced.
The inflationary figures stood at 40%. In any case, inflation has been controlled by successive governments but it has not yet been eliminated.