Demand Pressures on the Welfare of Nigerian Citizens: Requirements for Minimisation of Impact on the Economy

Rex Oforitse ARUOFOR; PhD; Daniel Risiagbon OGBEIDE; PhD

doi:10.56201/ijssmr.vol.11no8.2025.pg659.682

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Demand Pressures on the Welfare of Nigerian Citizens: Requirements for Minimisation of Impact on the Economy

Rex Oforitse ARUOFOR, PhD, Daniel Risiagbon OGBEIDE, PhD

Abstract

The Nigerian economy has been under tremendous demand pressures, indicating high levels of scarcity in many areas, including employment, money supply, education, health care as well as imports giving rise to hunger and poverty. The desire of most individuals is to live and work within an economic framework that gives them the prospect of steady employment, relatively stable prices and a rising standard of living; which make up a set of macroeconomic objectives. This expectation fits rightly within the two-fold function of the State, as expressed by Government, which takes cognizance of the safety and welfare of the people. These objectives include full employment, price stability, rapid economic growth, long term equilibrium in the balance of payments and a host of others. Because the invisible hand of the price mechanism fails to achieve these objectives, either in full or even at satisfactory values, there is the need for government’s intervention and this places a lot of burden on Government. It is worthy of note that in economics, scarcity, as a fundamental concept, describes the limited availability of resources relative to the unlimited wants and needs of individuals and societies. It implies that because resources are finite, choices must be made about how to allocate them. This study uses the Total Differential Systems Modeling Approach (ecostatometrics), Linear Goal Programming and Markov Chains Analysis to assess the impact of demand pressures on Nigerian citizens and the requirements for minimizing them for optimum growth and development. It was confirmed that low productivity, corruption and lack of real investments are among the reasons for suboptimal development and sluggish growth of the Nigerian economy. If Government can indeed remove all vestiges of corruption from the new democracy, increase the productivity by N13.913/N spent on Labor compensation and invest in the sectors and sub-sectors as prescribed in t

Keywords

Total differential systems modeling approach. Demand pressuresEmploymentInvestmentsHungerScarcity and Welfare indicators.

References

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Demand Pressures on the Welfare of Nigerian Citizens: Requirements for Minimisation of Impact on the Economy

Abstract

Keywords

References

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