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Inflationary Trend in Nigeria: A Statistical Analysis

Inflationary Trend in Nigeria: A Statistical Analysis

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DEDICATION

This research material, titled “Inflationary Trend in Nigeria: A Statistical Analysis” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Economics for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Inflationary Trend in Nigeria: A Statistical Analysis provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

  • 1.0 Introduction
  • 1.1 Introduction
  • 1.2 background of the study
  • 1.3 Statement of problem
  • 1.4 Aims and Objectives of the study
  • 1.5 Significance of the study
  • 1.6 The scope of the study
  • 1.7 The statement of Hypothesis
  • 1.8 Definition of terms

CHAPTER TWO

  • 2.0 Review Of Related Literature
  • 2.1 Introduction
  • 2.2 Degree of Inflation and its related causes
  • 2.3 Effect of inflation in the Economy
  • 2.4 Control of Inflation and Reasons for its ineffective Control
  • 2.5 Attempts made by Government at controlling Inflation.

CHAPTER THREE

  • 3.0 Research Methodology
  • 3.1 Introduction
  • 3.2 Source of Data Collection
  • 3.3 Problems encountered During Study
  • 3.4 Techniques of data analysis
  • 3.4.1 Time Series Analysis
  • 3.4.2 Chi-Square
  • 3.5 Data Presentation

CHAPTER FOUR

  • 4.0 Data Analysis
  • 4.1 Introduction
  • 4.2 Estimation of quarterly trend of inflationary rate from 2001-2010
  • 4.3 Estimation of quarterly seasonal variation indices and deseanalised data for inflation rate from 2001 to 2010
  • 4.3.1 Estimation of Seasonal variation
  • 4.3.2 Estimation of Seasonal Indices
  • 4.3.3 Computation of deseseaosnalised Data for inflation rate from 2001-2010
  • 4.4 Predicting the quarterly inflation rate in Nigeria
  • 4.5 Estimation of quarterly cyclical and irregular variation of inflation Rate (in present) from 2001-2010
  • 4.6 Determination of dependability or otherwise of inflation Rate on quarters /period of the year from (2001-2010)

CHAPTER FIVE

  • 2.0 Summary ,Conclusion And Recommendation
  • 5.1 Summary of findings
  • 5.2 Conclusion
  • 5.3 Recommendation
  • REFERENCES

ABSTRACT

One major target of Marco-economic polices is how to achieve stability in price level, stability here does not mean a situation where price will remain fixed, but a situation where variation in pries over a long period is minimal since there is no stability in price sellers in labour and capital market kept increasing, there prices for some economic and other reasons while the producers and sellers in commodity market also complains of increasing cost of production or purchasing cost employees in labour market form union and fight for increased wages to enable them meet up with high cost of living and depreciation in purchasing power of money.

The ultimate effect is that price continues to go up from time-to-time, if these increase in price where gradual may be one or two percent per year, people can easily adjust without much complaints but when prices are generally rising at a very fast rate people become very worried and that is when the effect of rising pries becomes of more significance to the economy and lead to a situation known as Inflation, which is a process of steady and persistent rising pries caused by too much money chasing too few goods. These however, posses great challenges to the citicizens in particular and federal government generally, because it affects those with a fixed income and causes distortion government development and co-operate plans.

Based on these critical situation been experienced in the country due to inflation. This project work “The statistical analysis on inflationary Trend in Nigeria from 1999 -2010 is desired to achieve the following objectives.

  1. To estimate the quarterly trend of inflationary rate in Nigeria from 1999-2010
  2. To investigate if these is any seasonal variation in the inflationary rate in Nigeria.
  3. To ascertain whether there is any significance difference in means quarterly inflationary rate from 1999-2010.
  4. To determine factors that are responsible for inflation in Nigeria and proffer possible solutions to it.
  5. To make necessary recommendation based on influence drawn from the findings.

Furthermore, the research hypothesis will be to determine whether there is a significant increase in the trend and seasonal variation in the inflationary rate in Nigeria.

The data will be collected through secondary source, like the annual publication of the National Beareu of statistics NBS forming known as the Federal Office of Statistics, while the statistical tool that will be sued for analyzing data’s that will be collected is time series analysis and Analysis of variance (ANOVA)

Finally, this research work will be f great significant to the Federal government in particular and the citizenry in general since it will enable government fight the root causes of inflation by introducing corrective measures though making of well articulated economic polices towards reducing these ugly diseases called inflation in our economy.


Inflationary Trend in Nigeria: A Statistical Analysis

CHAPTER ONE

Introduction

In this contemporary society one major target of a macro economic polices is how to achieve stability in price level. stability here does not mean a situation where price will remain fixed, it means a situation where variation in price over a long period is minimal

Price stability refers to relative stability in price over a given period of time because for some reasons prices rise and fall periodically. Sellers in the commodity market labour market and capital market kept increasing there prices for some economic and other reasons, in the commodity market producer or sellers complain of increasing cost, employees in the labour market form union and fight for increased wages to enable them meet up with the high cost of living and depreciation in the purchasing power of money, while suppliers of land and capital increase there rents and interest with excuse of rising cost of funds.

One ultimate effect is that prices continue to go up from time, if this increase in prices where gradual may be one or two percent per year, people can easily adjust without much complaint. But when prices are rising generally at very fast rate people become very worried and that is when the effect of rising prices becomes of significance to the economy and however lead to a situation known as inflation in view of their devastating effect of inflation in Nigerian economy, this project work will in chapters that follows carry one a “statistical analysis on inflationary trend in Nigeria from the period of 2001 to 2010

…

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 conceputal review, theoretical framework, the review of related literature …

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