THE IMPACT OF INFLATION AND UNEMPLOYMENT ON ECONOMIC GROWTH IN NIGERIA (1985-2024)
Abstract
ABSTRACT
This study explores how inflation and unemployment affect Nigeria’s economic growth, with special focus on the recent economic reforms introduced in 2023. Although Nigeria is rich in human and natural resources, ongoing inflation and high unemployment continue to limit broad-based growth. These challenges are worsened by structural issues, unstable oil prices, and inconsistent government policies. Using annual data from 1985 to 2024, this research examines both the long-term and short-term relationships between Real Gross Domestic Product (RGDP), inflation, unemployment, and government spending. Through careful econometric analysis, the study reveals how these factors interact and how government expenditure influences economic progress. The findings aim to provide clear evidence on the extent to which inflation and unemployment shape Nigeria’s economic path, offering valuable guidance for policymakers striving to promote price stability, create jobs, and achieve sustainable growth. Ultimately, this work adds fresh insights into Nigeria’s economic performance amidst ongoing reforms and fiscal changes.
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