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THE AGRICULTURAL SECTOR AND THE INFLATIONARY PRESSURE IN NIGERIA, 1960-1989
Abstract:
The inflationary process which with much persistence and severity has been afflicting most countries of the world, the Third World countries especially, has generated lively controversy about its genesis and solutions. There are differing opinions among economists about the causes of inflation. Gome economists emphasize the demand-side of the goods factor and asset markets and some the supply side. Still, some others stress the combinations of the two – the so-called mixed inflation. This thesis looked at the causes of inflation from the supply side by employing the structuralist approach. There are different explanations of structural inflation. . Gome economists stress the lagging growth of agricultural sector, others stress the wide flunctuations in the export receipts of primary producers. In this thesis, we hove employed the method of critical descriptive analysis of observable reality in order to show the extent to which agricultural supply shortages contributed to the inflationary pressure in Nigeria. We have thus demonstrated that the inflationary process in ITigeria has its genesis in structural rigidities of the economy especially lagging growth of agricultural sector. This thesis has also revealed that since the authorities in Nigeria have always picked on monetary factor for the control of inflation (demand – management strategy) which had always been abortive, efforts should henceforth be at vii maintaining near to equilibrium supply and demand via the expansion of productive capacity of the economy. In this regard, we have shown that special attention should be laid on domestic production or of consumers goods.
THE AGRICULTURAL SECTOR AND THE INFLATIONARY PRESSURE IN NIGERIA, 1960-1989
