The Effect of Multivariable Economic Dynamics on Price Stability and Economic Growth in Nigeria
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Background of the Study
Price stability and economic growth are intertwined objectives in any developing economy. In Nigeria, a range of economic dynamics—including GDP trends, FDI inflows, and inflation—collectively influence these outcomes. Multivariable interactions shape how resources are allocated, how consumer confidence is maintained, and how market prices adjust over time (Adeyemi, 2023). For instance, while strong GDP growth can drive higher demand and improved living standards, high inflation may offset these gains by eroding purchasing power. Similarly, consistent FDI inflows can foster technological improvements and efficiency gains that support stable pricing, yet unpredictable investment patterns may lead to supply chain disruptions. Recent research underscores that an integrated analysis of these variables is essential for understanding their combined effects on price stability and overall economic growth (Okoro, 2024; Balogun, 2025). This study investigates the multivariable economic dynamics in Nigeria, aiming to assess how the interplay between GDP, FDI, and inflation influences price stability and fosters—or hinders—economic expansion.
Statement of the Problem
Nigeria’s economy faces challenges in achieving price stability amid fluctuating growth, irregular FDI, and persistent inflation (Adeyemi, 2023). These multivariable dynamics create an environment where price levels are volatile, negatively impacting consumer welfare and long-term economic growth. The lack of a comprehensive framework to manage these interactions results in inefficient policy responses and economic uncertainty (Okoro, 2024; Balogun, 2025).
Objectives of the Study
- To evaluate the combined effect of GDP, FDI, and inflation on price stability.
- To assess how these variables interact to influence overall economic growth.
- To recommend integrated policy measures to enhance both price stability and growth.
Research Questions
- How do multivariable economic dynamics affect price stability in Nigeria?
- What is the combined impact of GDP, FDI, and inflation on economic growth?
- Which policy interventions can effectively stabilize prices while promoting growth?
Research Hypotheses
- Stable GDP growth and consistent FDI reduce price volatility.
- High inflation increases price instability and undermines growth.
- Integrated policy measures enhance both price stability and economic growth.
Significance of the Study
This study is significant as it explores the complex interaction of multiple economic variables and their collective impact on price stability and growth in Nigeria. The findings will provide policymakers with a holistic perspective necessary for designing strategies that promote sustainable development and market stability (Adeyemi, 2023; Okoro, 2024; Balogun, 2025).
Scope and Limitations of the Study
This study is limited to assessing the domestic economic variables (GDP, FDI, and inflation) and their impact on price stability and growth in Nigeria. It does not consider global economic influences or microeconomic factors.
Definitions of Terms
• Multivariable Economic Dynamics: The interaction among multiple economic indicators such as GDP, FDI, and inflation.
• Price Stability: The maintenance of consistent price levels with minimal fluctuations.
• Economic Growth: The increase in a country’s output and overall economic performance.
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