In less than a decade, hyperinflation rate increases in many developing countries have raised pertinent concerns about fundamental issues facing fixed salaries of low-income earners. This may hinder achieving Sustainable Development Goals 1 (no poverty) and 2 (zero hunger). There is a paucity of research regarding the impact of the hyperinflation rate on public sector construction artisans. This study investigated the impact of hyperinflation and its outcome on the Nigerian public sector construction artisans and recommended ways to reduce these impacts and, by extension, improve the achievement of Goals 1 and 2.
The researchers adopted a qualitative approach to collect data. This study engaged 30 interviewees across three of Nigeria’s cities using semi-structured interviews. This research adopted a thematic approach and attained saturation at the 26th participant.
This study shows that the impact of hyperinflation on Nigeria’s public sector construction artisans, if not curbed, might hinder achieving Goals 1 and 2. Findings identified the major impacts and suggested ways to mitigate them and, by extension, improve the achievement of Goals 1 and 2. This includes overhauling the Central Bank of Nigeria (CBN) to create people and investment/production policies, addressing foreign exchange rate volatility through financial stabilisation instruments, overhauling Nigerian National Petroleum Corporation, reinstating fuel subsides and addressing the issue of internal insecurity.
As a part of the research’s implications, this study suggested measures to mitigate hyperinflation on public sector construction artisans. Findings also will stir government policymakers to review existing economic policies (fuel subsidy removal, floating of foreign exchange and high interest rates) to be pro-masses friendly and promote productivity.
