POPULATION GROWTH INDICES AND ECONOMIC DEVELOPMENT

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The purpose of this study is to investigate the impact that Nigeria’s rising population had on the country’s overall economic expansion from 1981 to 2015. The Central Bank of Nigeria’s Statistical Bulletin was consulted for information regarding GDP and the exchange rate.

The World Bank’s World Development Indicators were consulted for information regarding population growth rate, fertility rate, and crude death rate. For the purpose of analyzing the data in this study, ordinary least squares regression was utilized. According to the findings of the study, population expansion has a positive and substantial effect on the economic growth of Nigeria, but fertility was found to have a negative and significant effect on the economic growth of Nigeria.

However, neither the exchange rate nor the crude death rate play a substantial role in the expansion of Nigeria’s economy. The study makes a number of recommendations, one of which is that the government of Nigeria should take steps to ensure that the country’s rapidly growing population is directed into sectors of the economy in which it can be utilized to a greater extent, with the goal of achieving high rates of economic growth for the nation as a whole. In addition, in order for Nigeria to realize enhanced economic growth, the federal government should broaden citizens’ access to quality medical care at prices they can afford, with the goal of lowering the country’s overall mortality rate.

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