Paradoxical Analysis of Resource Abundance and Increasing Inflation in Nigeria
Abstract
Resources abundance inherently reduces cost prices of such abundant goods and services. Inversely resources abundance may create devastating economic backwardness. Current research seeks to find out the locus of Kogi State in economic advancement or poor economic growth divide resulting from the abundance of natural resources. The study data were collected from established secondary sources. Technique of data analysis is Multivariate ANOVA using SPSS version 20, to confirm or otherwise of two pre-research assumptions; Kogi State inflationary indices for the third quarter of 2023 is significantly greater than her other North Central Zone States and Kogi State inflationary indices for the third quarter of 2023 is significantly greater than all the states bordering Kogi State at 95% confidence level. The research established direct nexus between abundance of natural resources and increasing prices of goods and services in the State resulting from entrenched taxation structure of Nigeria, casualization of Industrial workers in the State and consumption nature of the State.
Keywords
High Cost of Living
Resources abundance and increasing inflation
Nexus between
References
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