THE IMPACT OF INFLATION ON POVERTY IN NIGERIA FROM 1980 TO 2022
Abstract
This study examines the impact of inflation on poverty in Nigeria from 1980 to 2022, exploring the intricate relationship between rising prices and socioeconomic hardship. Over the decades, Nigeria has experienced cyclical inflation driven by factors such as fluctuating oil revenues, currency devaluation, and structural economic inefficiencies, which have exacerbated poverty levels. The analysis focuses on how inflation erodes real income, disproportionately affecting low-income households by reducing their purchasing power and access to essential goods and services. The period under review captures significant economic milestones, including structural adjustment programs, periods of hyperinflation, and the COVID-19 pandemic, all of which deepened vulnerabilities among the poor. Using empirical data and research, the study reveals that inflation not only widens income inequality but also stymies poverty alleviation efforts by undermining the effectiveness of government policies and social safety nets. Addressing inflation’s impact on poverty requires comprehensive reforms, including monetary policy stabilization, targeted subsidies, and sustainable economic diversification to shield vulnerable populations from persistent price volatility.
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