This is a complete project on Contribution of inflation rate and wages on Gross Domestic Product in Nigeria Economic Growth. From chapter one to five. Download.
CHAPTER ONE
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INTRODUCTION
Statistics is the study of the collection, analysis, interpretation, presentation and organization of data. It also Study aspect about economic and social statistics.
Over the years the contribution of inflation rate and wages on Gross domestic product has posted on enormous problem on not only worker but on all sectors of the Nigeria economy.
Inflation itself is a global phenomenon and it has caused diverse problem in different part of the world. The problem of inflation is attributed to the law capacity utilization, devaluation of currency, unemployment and underemployment a fall in Gross domestic product (GDP) and also a fallen standard of living etc.
Because of the adverse consequences of inflation in socio economic sector of the country Government has decided to introduce different measure like strict fiscal policies the introduction of the structural adjustment Programme (SAP) tight monetary policies budget discipline and guard the regulation in order to tackle the problem on Nigeria.
In Nigeria there cannot be a thorough analysis of current economic situation without an understanding of price movement price change reflect the presence of demand shifts or change in supply in as much as inflation is persistent in Nigeria and with stronger trade unions there will be a continuous demand in wage increase during the period of persistent inflation rise.
1.1 BACKGROUND OF THE STUDY
In economics, inflation is a persistent increase in the general price level of goods and services in an economy over a period of time.
The word inflation rings a bell in the market economics of the world, it is a ‘monster’ that threatens all economics because of its undesirable effects. The problem of inflation surely is not a new phenomenon, it has been a major problem in the country over the years.
To attain sustainable economic growth coupled with price stability continues to be the countries in the world today. Among others the emphasis given to price stability in conduct of monetary policy is with a view to promoting sustainable economic growth as well as strengthening the purchasing power of the domestic currency Umaru and Zubairu, (2012).
The question on whether or not inflation is harmful to economic growth has recently been a subject of intense debate to policy makers and macro economist several studies have estimated a negative relationship between inflation and economic growth.
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World economic growth and inflation rates have been fluctuating. Likewise, Inflation rates have been dominating to compare with growth rates in virtually many years Madhukar and Nagarjuna, (2011) and relationship between inflation and the economic growth continued to be one of the most macroeconomic problems.
Nigeria economy experienced many internal and external shocks. All sectors of the economy were affected by shocks, whose manifestations were among others, large budget deficits and imbalances between productive and non-productive activities.
The signs closely associated with these were high rates of inflation, large balance of payments (BOP) deficits, declining domestic savings, growing government expenditure, falling produce and decreases utilization of industrial capacity which in turn hindered economic growth.
The Nigeria economy has undergone fundamental structural changes over the last five decades. Evidences show that the dramatic structural shifts that occur did not result in any appreciable and sustained economic growth and development.
The economy exhibit negative growth rates which indicates depressed economic recession of the early 80s, and partly by over dependence of the Nigeria economy on oil proceeds and gross mismanagement of the economy by successive governments (Biobaku, 2004).
Hence, this study seeks to investigate the effect of inflation on wages and Gross Domestic Product in Nigeria Economy Growth.
GDP PER CAPITAL
An approximation of the values of goods produced per person in the country, equal to the country’s GDP divided by the total number of people in the country. GDP per capital is a measure of average income per person in a country.
GDP stands for Gross Domestic Product. This measure National income/National output and National expenditure GDP per capital divided the GDP by the population GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsides not included in the value.
WAGES: A wages is a monetary compensation (or remuneration, personnel expenses, labour) paid by an employer to an employee in exchange for work done.
1.2 STATEMENT OF PROBLEM
This project is based on statistical analysis on the contribution of Inflation rate and wages on Gross Domestic Product in Nigeria economic growth, this research work is limited to the period of 1997 to 2016.
Also there is definitely significance difference or variation in the rate of inflation in every year which is affecting our economic growth.
This project work intend to look into the contribution of inflation rate and wages on gross domestic product and how statistical measure control can be used to forecast the future of Gross domestic product in Nigeria.
Despite the effort of government to inflation rate, they still lack strategies on how to control inflation rate. Hence, to make research on this factors, that affect inflation and to find out the contribution of inflation rate and wages on Gross Domestic Product in Nigeria economic growth.
1.3 SCOPE OF THE STUDY
The data covers only reported cases of inflation, wages and Gross Domestic Product in Nigeria, this project is only limited to three of the variables which covered from the period of 1997 to 2016 as reported in the National Bureau of Statistical (NBS) bulletin (2014).
This project is set to study the contribution of inflation rate and wages on Gross Domestic Product in Nigeria economic growth.
1.4 DEFINITION OF TERMS
Inflation: This is a rise in general level of price of goods and services in an economy over a period of time. When the general level, each unit of currency buys fewer goods and services consequently, inflation is also Erosion in the purchasing power of money, a loss of real value in the internal medium of exchange and unit of account in the economy.
Wages: A wages is a monetary compensation paid by an employer to an employee in exchange for the work done.
Inflation rate: Is the annual percentage change in a general price index over time. The rate is usually expressed as term through the measurement period is usually different from one year. Inflation rate are often given in seasonally adjusted term removing systematic quarter to quarter variation.
Forecasting: Is the process of estimating future values of numerical parameter on the past.
1.5 SIGNIFICANCE OF THE STUDY
The research work intends to analyze the effect of inflation on wages and Gross Domestic Product in Nigeria economic growth from 1997 to 2016. The findings and conclusions drawn from this study will help the Government, private agencies and the citizens in adjusting to economical instability in the future and it will provide useful information for policy recommendation which will move the nation forward and uplift the Economy.
1.6 AIM AND OBJECTIVES OF THE RESEARCH
The main aim of this research is to investigate Nigeria economic growth using the variables or factors of interest which are inflation rate, wages and gross domestic product.
1.7 OBJECTIVES OF THE STUDY
- To test for the significant of the linear regression equation parameter.
- To verify whether the inflation rate and wages are contributing significantly in Nigeria economic growth.
- To show a trend pattern for gross domestic product over the years and forecast for the future years.
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