At present, the world economy is at a cross road. The Nigerian economy is therefore
undergoing it most severe economic crisis since the Biafra war of the sixties. Currently ,
she is experiencing a staggering rate of inflation ( well up to the double digit) as well as
experiencing a severe recession (as the unemployment rate has risen astronomically).
Consequently, a basic thesis of this proposal is that stagflation has caused and will
continue to cause considerable hardship for many Nigerian families and poses a serious
threat to the mental health of a substantial proportion of the population. It is therefore
the aim of this research to document in a systematic way how families that have
experienced varying degrees of “inflation crunch” have adjusted to or tried to adapt to
this pressure. In other words, this phased research project proposes to provide
information that will be useful to policy makers (government) who must weigh the costs
and benefits of the current inflationary pressures as well as severe recession. Essentially,
the result will be an emergence and evolution of corrective policy measures and
strategies (as adequate and functional).