An investigation of economic policy’s role in enhancing consumer welfare in Nigeria: A case study of Lagos State (2000–2020).
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Background of the study:
Economic policies are instrumental in shaping consumer welfare by influencing factors such as income distribution, market competition, and price stability. In Lagos State, a series of policy interventions implemented between 2000 and 2020 have targeted fiscal reforms, monetary stabilization, and market regulation with the aim of enhancing consumer welfare. These policies strive to create a stable economic environment that increases disposable income, reduces inflation, and fosters competitive markets that benefit consumers. Improved consumer welfare is reflected in higher purchasing power, better access to quality goods and services, and overall enhanced living standards (Oluwaseun, 2023). Nonetheless, challenges such as policy inconsistencies, external economic shocks, and inadequate enforcement continue to limit the full benefits of these interventions (Chinwe, 2024; Ibrahim, 2025). This study examines how economic policies have contributed to consumer welfare in Lagos State, identifying key determinants that mediate the relationship between policy measures and consumer outcomes.
Statement of the problem:
Despite well‐intentioned economic policies, consumer welfare in Lagos State remains below optimal levels. Inconsistent policy implementation, external economic pressures, and gaps in regulatory enforcement result in reduced consumer confidence and purchasing power (Oluwaseun, 2023; Chinwe, 2024). This study aims to investigate these challenges and determine how policy improvements can better enhance consumer welfare.
Objectives of the study:
- To evaluate the impact of economic policies on consumer welfare.
- To identify challenges limiting policy effectiveness.
- To propose recommendations for enhancing consumer benefits.
Research questions:
- How do economic policies influence consumer welfare in Lagos State?
- What factors hinder the full realization of policy benefits?
- What measures can improve consumer welfare?
Research Hypotheses:
- Effective economic policies positively impact consumer welfare.
- Policy inconsistencies diminish consumer benefits.
- Enhanced regulatory enforcement improves consumer outcomes.
Significance of the study:
This study is significant as it explores the role of economic policy in improving consumer welfare in Lagos State. The findings will guide policymakers in designing and implementing measures that stabilize prices, boost disposable income, and enhance market competition—thereby increasing overall consumer satisfaction and living standards (Ibrahim, 2025).
Scope and limitations of the study:
This study is limited to examining the role of economic policies in enhancing consumer welfare in Lagos State, focusing on fiscal, monetary, and regulatory interventions.
Definitions of terms:
- Consumer Welfare: The overall well‐being and satisfaction of consumers in terms of access, affordability, and quality of goods and services.
- Economic Policy: Strategies implemented by the government to influence economic performance.
- Market Regulation: Rules and policies that govern the functioning of markets.
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