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ABSTRACT
This exploration investigates the elements shaping inflation within Nigeria's borders over a three-decade stretch beginning in 1990 and terminating in 2020. Its core purpose lies in gauging the influence exerted by essential macroeconomic markers, including state spending, interest rates, foreign currency rates, and worldwide oil prices, upon the inflation rate that governs Nigeria's economy. The Ordinary Least Squares (OLS) regression technique is deployed to dissect the linkages between these entities. Data leveraged in this analysis emanated from the CBN statistical bulletin alongside the World Bank Organisation. Findings gleaned from this study unmask a profound correlation between interest rates and inflation prevalent within Nigeria's context. Notably, the study highlights the substantial sway that variances in interest rates bear upon the inflation rate within the nation. Beyond this, the analysis elucidates the relative influence that government expenditure, exchange rates, and global oil prices exert on inflation. While the study acknowledged their negligible impact on inflation within Nigeria, their inclusion enriched the comprehension of inflation dynamics unique to Nigeria.
