Inflation, Unemployment and Economic Growth in Nigeria
Keywords:
Inflation, Unemployment, Gross Domestic Product
Abstract
This study investigates the links between inflation and unemployment on economic growth in Nigeria from 1980-2023 using the Ordinary Least Square approach. The study discovered the existence of a positive relationship between interest rate, unemployment rate and economic growth but a negative links exist between inflation rate and economic growth in Nigeria within the period under consideration. The study observed that inflation established its real impact of always being negative in terms of its links with economic growth in the economy of Nigeria. The study concludes that government should provide enabling environment to produce imported goods here in Nigeria to cushion the impact of imported inflation into the Nigerian economy.
References
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14. Gyang, E.J., Elias, A., Anna, D. B.I., & Eze, F. (2016). An analysis of the relationship between unemployment, inflation and economic growth in Nigeria: 1986-2015.
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21. Mohammed Y; Okoroafor O.K.D and Omoniyi E. (2015). Analysis of the relationship between inflation, unemployment and economic growth in Nigeria. 1987-2012. Econpapers 2(3), 102-109.
22. Miftahu, I. (2021) Effect of unemployment and inflation on economic growth in Nigeria. Gojamss Journal, 21(1), 22-34.
23. Nnachi, D. N., & Ugochukwu, E. (2023). Unemployment, inflation and economic growth: Evidence from Nigeria. African Journal of Politics and Administrative Studies AJPAS; 16(2), 762-783.
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25. Nwaonuma, N.D., & Ugochukwu, E. (2023). Unemployment, inflation and economic Growth: evidence from Nigeria. African Journal of Politics and Administrative Studies (AJPAS), 16(2), 762-783.
26. Nachi, D. N & Ugochukwu; E. (2023). Unemployment, inflation and economic growth: Evidence from Nigeria; African Journal of Politics and Administrative Studies AJPAS, 16(2), 762-783.
27. Orji, A., Anthony-Orji, O. I., & Okafor, J. C. (2015). Inflation and unemployment Nexus in Nigeria: Another Test of the Phillips Curve. Asian Economic and Financial Review, 5(5), 766–778.
28. Okeowo; A. I (2023). Unemployment and inflation trade off: Nigeria experience in the context of Philip curve. Journal of economics and Allied Research (JEAR) 109.
29. Olapinwa, T.V and Esan, F. (2023) Does Philips relations really exist in Nigeria. International Journal of Economics and Finance 5(1), 55-63.
30. Ojima, D. (2019). Unemployment and economic development in Nigeria (1980-2017). Advances in Social Sciences Research Journal, 6(1), 110–121.
31. Thayaparan, A. (2014). Impact of inflation and economic growth on unemployment in Sri Lanka: A Study of time series analysis. Global Journal of Management and Business Research: Economics and Commerce, 13(5), 1-11.
32. Zeaud, H (2014). The trade-off between unemployment and inflation Evidence from causality Test for Jordan. International Journal of Humanities and Social Science, 4(4), 1-9.
33. Zodwa, X., & Sheilla, N. 2020. Unemployment and economic growth in South Africa: A re-examination. International Journal of Sustainable Economy, 12(2), 101-116.
34. Xesibe, Z., & Nyasha, S. (2020). Unemployment and economic growth in South Africa. A re-examination. International Journal Sustainable Economy, 12(2), 101–11
2. Adebisi; S. A.; Azeez; O. O. and Oyedeji R. (2016). Appraising the effect of book haram on agricultural sector of Nigeria’s business environment. Journal of Law and Governance, 11(1); 15-26
3. Adebisi; S. A.; Azeez; O. O. and Oyedeji R. (2016). Appraising the effect of book haram on agricultural sector of Nigeria’s business environment. Journal of Law and Governance 11(1); 15-26.
4. Ademola, A and Badiru, A (2015). The Impact of unemployment and inflation on Economic Growth in Nigeria (1981 – 2014), International Journal of Business and Economic Sciences Applied Research, 9(1), 47-55.
5. Alamro, H., & Al-dalaien, Q. (2014). Modeling the relationship between GDP and unemployment for Okun’s law specific to Jordan. Munich Personal Rep Ec-archive (MPRA)
6. Al-Saadi Nawar (2023). Russian-Ukrainian war’s effect on the world economy. International Journal of Economics and Business Administration, XI (1) 77-95.
7. Aminu, U. & A.Z. Anono, (2012) An empirical analysis of the relationship between unemployment and inflation in Nigeria from 1977-2009. Business Journal, Economics and Review, 1(12), 42-61.
8. Bello M & Auwal, A. (2015). Do unemployment and inflation substantially affect economic growth?. Journal of Economics and Development Studies, 3(2), 132-139.
9. Chirwa; T. G. and Odhimba; N. M. (2018). Exogenous and Endogenous growth models: A critique. Comparative economic research. Central and Eastern Europe 21(4); 63-84.
10. Dodo; F. & Idris M. M. (2022). Impact of inflation on unemployment in Nigeria. A non-linear ADRL approach. Global journal of management and research (22)2, 19-28
11. Ekpeyong, P. (2023). Econometric analysis of the impact of inflation; unemployment and African Journal of Politics and Administrative Studies, 16(2), 762-783
12. Efrianti R, Marwa T, Tarmizi N, & Yuliana, S. (2018) Growth, unemployment and its implication on poverty: empirical study in districts/cities of south Sumatera province. Eurasian J Econ Finance 6(4):27–37.
13. Ernest; E & Rani; U. (2011). Understanding unemployment flows; Oxford review of economic policy 27(2) 268-294.
14. Gyang, E.J., Elias, A., Anna, D. B.I., & Eze, F. (2016). An analysis of the relationship between unemployment, inflation and economic growth in Nigeria: 1986-2015.
15. Gordon R.J (2018). Friedman and Phelps on the Philips curve viewed from a half century perspective. National Bureau of economic research NBER working paper no 24891.
16. Hjazeen; H.; Seraj; M. and Huseyin; O. (2021). The nexus between the economic growth and unemployment in Jordan. Future Business Journal 7(42), 33-42.
17. Jalingo U. A (2023). Strengthening Nigeria's resilience: Navigating the volatile economy towards transformational recovery. Being a presented at the annual national Conference of the Nigerian Economic Society (NES) at Shehu Musa Yar'Adua Conference Centre FCT; Abuja.
18. Khalik; Abdul-Khaliq; Soufan; Thikraiat & Shihab; Ruba Shihab (2014). The relationship between unemployment and economic growth rate in Arab countries. Developing countries studies, 4(7), 62-66.
19. Kah, K. H. (2017). Boko haram is losing; but so is food production. Conflict and insecurity in Nigeria and Cameroon. African Development; 43(3); 177-196.
20. Lyboslav Kostov (2017). The impact of economic growth on inflation and unemployment in Bulgaria. Seer Journal for Labour and Social Affairs in Eastern Europe; 85-99.
21. Mohammed Y; Okoroafor O.K.D and Omoniyi E. (2015). Analysis of the relationship between inflation, unemployment and economic growth in Nigeria. 1987-2012. Econpapers 2(3), 102-109.
22. Miftahu, I. (2021) Effect of unemployment and inflation on economic growth in Nigeria. Gojamss Journal, 21(1), 22-34.
23. Nnachi, D. N., & Ugochukwu, E. (2023). Unemployment, inflation and economic growth: Evidence from Nigeria. African Journal of Politics and Administrative Studies AJPAS; 16(2), 762-783.
24. Nweke; C. C.; Igweike; O. J. and Eze K. K. (2023). Impact of sit at home on the economy South-East Nigeria: An empirical evidence from small and medium enterprises. International journal of advanced academic research; 9(7), 114-121.
25. Nwaonuma, N.D., & Ugochukwu, E. (2023). Unemployment, inflation and economic Growth: evidence from Nigeria. African Journal of Politics and Administrative Studies (AJPAS), 16(2), 762-783.
26. Nachi, D. N & Ugochukwu; E. (2023). Unemployment, inflation and economic growth: Evidence from Nigeria; African Journal of Politics and Administrative Studies AJPAS, 16(2), 762-783.
27. Orji, A., Anthony-Orji, O. I., & Okafor, J. C. (2015). Inflation and unemployment Nexus in Nigeria: Another Test of the Phillips Curve. Asian Economic and Financial Review, 5(5), 766–778.
28. Okeowo; A. I (2023). Unemployment and inflation trade off: Nigeria experience in the context of Philip curve. Journal of economics and Allied Research (JEAR) 109.
29. Olapinwa, T.V and Esan, F. (2023) Does Philips relations really exist in Nigeria. International Journal of Economics and Finance 5(1), 55-63.
30. Ojima, D. (2019). Unemployment and economic development in Nigeria (1980-2017). Advances in Social Sciences Research Journal, 6(1), 110–121.
31. Thayaparan, A. (2014). Impact of inflation and economic growth on unemployment in Sri Lanka: A Study of time series analysis. Global Journal of Management and Business Research: Economics and Commerce, 13(5), 1-11.
32. Zeaud, H (2014). The trade-off between unemployment and inflation Evidence from causality Test for Jordan. International Journal of Humanities and Social Science, 4(4), 1-9.
33. Zodwa, X., & Sheilla, N. 2020. Unemployment and economic growth in South Africa: A re-examination. International Journal of Sustainable Economy, 12(2), 101-116.
34. Xesibe, Z., & Nyasha, S. (2020). Unemployment and economic growth in South Africa. A re-examination. International Journal Sustainable Economy, 12(2), 101–11
Published
2024-12-30
How to Cite
Chidi , W., & Chika Bright , E. (2024). Inflation, Unemployment and Economic Growth in Nigeria. International Journal on Economics, Finance and Sustainable Development, 6(12), 397-408. Retrieved from https://journals.researchparks.org/index.php/IJEFSD/article/view/5353
Section
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