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Effect of Inflation on Saving and Economic Growth of Nigeria

Effect of Inflation on Saving and Economic Growth of Nigeria

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Reference ID: PS-113-TM

DEDICATION

This research material titled “Effect of Inflation on Saving and Economic Growth of Nigeria” is dedicated to God for his enabling grace, and to all computer enthusiasts who contributed to make life a pleasant experience during my research documentation.

ACKNOWLEDGEMENT

I extend my sincere gratitude to all those who contributed to the completion of this project. Special thanks to my Supervisor (Name of your Supervisor), the Head of Department (Name of your HOD), the Lecturers in the department of Accountancy / Accounting, Book Authors and Profound Scholars of existing or related project material on “Effect of Inflation on Saving and Economic Growth of Nigeria” for their invaluable guidance, support, and expertise throughout the journey.

I am also grateful to your study area (mention any funding organizations, if applicable) for their financial assistance. This research would not have been possible without the encouragement and assistance of some stakeholders (mention any mentors, teachers, or colleagues). Additionally, I would like to acknowledge the understanding and patience of my family and friends during this endeavor. Your unwavering support has been a constant source of motivation. Thank you all for being part of this meaningful endeavor.

TABLE OF CONTENTS

PRELIMINARY PAGES


CHAPTER ONE

INTRODUCTION


    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • 2.4 Empirical Studies

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”

    ABSTRACT

    In view of the topic of this project which says “the effect of inflation on savings and economic growth in Nigeria”. I the research carried out this study using regression analysis.

    Based on the findings of the research work, it was found that inflation have an impact on savings. It was also noticed that inflation has no impact on the economic growth of Nigeria.

    Finally, with these observations effort will be made on the management of inflation to at least remain as a single digit to improve our savings status so as to encourage investment which will lead to economic growth.


    Effect of Inflation on Saving and Economic Growth of Nigeria

    CHAPTER ONE

    1.0 Introduction

    1.1 Background of the Study

    The beginning of inflation in Nigeria can be said to be a direct result of the polices of the country's government to stimulate a fast rate of economic growth and development since 1951 when ministerial government was introduced. Inflationary trend since independence shows two distinctive periods in terms of digital analysis. Until 1969 The growth rate of inflation was in one unit with the highest being about 9% in 1966 and even negative growth rate was recorded in 1963, 1967 and 1968. since 1969, the inflationary growth has become two digits, except in 1972, 1973 and of the 1975 recorded 33.7% indicating the effect salary Awards in the fale of inadequate supply of commodities. It was 11.4% in 1980, 21% in 1981, 40.9 in 1989, inflation ha continued recently to as its effects penetrate more deeply into the nation's life. It has become something of a platitude to say sharp, continuous increase in prices are among the most serious economic problems of our time.

    One of the fundamental objectives of macro-economic policies in both developed and developing economic is to sustain high economic both together with low level of inflation. This is because a high level inflation disrupts the smooth operation of a market economy Krugman 1998.

    At the individual level, inflation exerts a heavy toll on those with bed income. It relatively favours debtors at the expense of creditors. At the firm level, the effect of inflation is called the “menu cost” Rotenberg (1983), Naish (1986), Dmaziger (1988) Valdovinoz (2003) because it affects output when firms have to insure costs as they adjust to the new price level. I.e. (changing their price cost for customers).

    In recent times. Inflation was moved from being a wartime phenomena and has established itself firmly on the economic arena of the world and its impact on the key macro economic variable cannot be over emphasized. According to the international monetary fund (IMF). The most complex and serious set of economic problems to carryout national government and international community since the end of world war II consist of virulent and wide spread inflation, a declaration of economic growth and a massive disequilibrium of international payment and according to fried man, one of the most though provoking aspects of inflationary phenomena is that it is found in all societies at every of economic development, under every variety of government and within all kinds political economic and social ideologies.

    Generally, inflation can be defined as a continuous and persistent in the general price level of goods and services.

    Inflation is frequently described as a state where too much money is chasing too few goods when there is inflation, the currency loose purchasing power. in the definition of inflation, two key words must be born in mind. First is aggregate or forward which implies that the rise in price that constitutes inflation must cover the entire basket in the economy as distinct from an isolated rise in the price of a single commodity or group of commodities.

    The implication here is that changing in the individual prices or any combination of this price cannot be considered as the occurrences of inflation.

    Inflation generally has an adverse effect on savings which takes the form of accumulated financial assets the willingness of individual and business to hold an increasing quantity of money is influenced to a large event by their aspect regarding future price levels inflation therefore has an adverse effect on saving and is such tends to have a damping effect on the economy.


    1.2 Statement of Problem

    Central banks, government and the world over are observed about inflation and therefore devoted a significant amount of resources as disposal to fight inflation. Hence, the primary objective of monetary policy is to ensure price stability the focus on price stability derives from the overwhelming empirical evidence that it is only in the midst of price stability that sustainable growth can be achieved price stability does not cannote constant or unchanging price level but it simply means that the rate of change of the agents do not worry about it.


    1.3 Objective of the Study

    The broad objective of this study is to analyze the effects of lion on savings and economic growth the specific objective of the study includes:

    1. Assessment of the effects of inflation on savings
    2. Assessment or estimation of the impact of inflation on economic growth.
    3. To evaluate the importance of savings

    1.4 Scope of the Study

    The study will be limited to the period 1991, 2006 and the focus is on the rising profile of inflation in Nigeria and its effects on savings and economic growth.

    The study will be based on the use of secondary data and analyzed through both linear and multiple regression techniques. Data will be collected from various books of the federal office of statistics, journal of applied quantitative methods and the central bank of Nigeria.


    1.5 Significance of the Study

    This research study should be of immense benefit to individuals, house holds, government, economist, etc. this is because as inflation is being fully treated and analysis in the study, decisions will be carefully taken in carrying out economic plans policies.


    1.6 Limitation of the Study

    The problem encountered in this research work is the non. Availability and problem of data collection. There is problem of insufficient information.

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the …

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