Economic Diversification and Price Stability in Nigeria

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dc.contributor.authorEtudaiye-Muhtar, Oyebola Fatima
dc.contributor.authorEtudaiye-Muhtar, Bilal Enesi
dc.contributor.authorHaliru, Nurudeen Olushola
dc.date.accessioned2026-01-22T09:37:38Z
dc.date.available2026-01-22T09:37:38Z
dc.date.issued2025-03-31
dc.description.abstractThis study explores the dynamics of price stability in Nigeria between 1991 and 2022, focusing on the critical role of economic diversification. Using an Autoregressive Distributed Lag (ARDL) model, this study analyses the short and long-run dynamics. In the short run, the findings reveal that past price stability positively influences current stability, while investment tends to destabilize prices. Non-oil gross domestic product, in the long run, positively influences price stability, therefore suggesting that economic diversification can contribute to greater stability. However, the study finds that non-oil exports, investment, and the exchange rate negatively impact price stability, implying that while these factors may boost economic activity, they also introduce volatility. The findings underscore the need for Nigerian policymakers to focus on diversifying the economy, managing exchange rate volatility, and crafting targeted investment policies to enhance long-term price stability.
dc.identifier.urihttps://uilspace.unilorin.edu.ng/handle/123456789/16885
dc.language.isoen
dc.publisherDepartment of Finance, Ekiti State University
dc.subjectEconomic Diversification
dc.subjectAutoregressive Distributed Lag (ARDL) Model
dc.subjectNon-oil GDP
dc.subjectExchange Rate
dc.subjectPrice Stability.
dc.titleEconomic Diversification and Price Stability in Nigeria

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