POPULATION GROWTH AND NIGERIAN ECONOMIC GROWTH: A CRITICAL APPRAISAL

Abstract

The paper critically investigated the impact of population growth on Nigerian economy covering the period from 1988 to 2023. The main objective of the paper is to investigate whether population growth is beneficial or detrimental to Nigerian economy. Time series data were sourced from National Bureau of Statistics (NBS), Central Bank of Nigeria (CBN) Statistical Bulletins Nigeria population commission(NPC) and world bank development indicators (WDI). In the paper, real Gross Domestic Product Growth Rate (GDPGR) proxy for economic growth is the dependent variable while Population Growth Rate (POPGR), Imports (IMP), Public Debt (PUBD) and Real Exchange Rate (RER) are the explanatory variables. The Auto Regressive Distributed Lag (ARDL) bound approach was employed as the econometric technique. Some of the major findings of the study include that population growth has a positive but insignificant relationship with economic growth in Nigeria. Also imports and real exchange rate have positive and insignificant relationship with economic growth. The relationship of public debt to economic growth is negative and insignificant. Based on these findings, the study recommended that government should institute formidable policies in area of human development to ensure adequate utilization of the large population. Also, the Nigerian imports should be directed towards capital goods such as machines and equipment that enhances economic growth.