Price Stability and Economic Development in Nigeria: Issues and Challenges

Abstract

Price stability and economic development are crucial factors for the growth and prosperity of a nation. This study focuses on examining the issues and challenges related to price stability and economic development in Nigeria. The accumulation of public debt, volatility of crude oil prices, challenges in renewable energy penetration, the role of monetary policy, government expenditure, and financial inclusion are key areas of investigation The study adopted qualitative research method. The findings reveals that public debt has a positive relationship with economic growth, but its impact may vary depending on factors such as governance and debt sustainability. The implications of these findings are discussed, emphasizing the need for effective debt management, diversification of the economy, enhanced monetary policy effectiveness, strategic government expenditure, and promotion of financial inclusion. These recommendations can guide policymakers in formulating strategies and policies to promote price stability and foster sustainable economic development in Nigeria. Overall, this study contributes to the understanding of the issues and challenges related to price stability and economic development in Nigeria, providing valuable insights for policymakers, researchers, and stakeholders in the pursuit of economic growth and stability.