Population indices and economic development in Nigeria

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INTRODUCTION

It has been demonstrated over time that any country’s ability to expand its economy depends on the presence of an effective human capital. This results from the reality that the availability of human capital determines the availability of every other facility and resource needed for economic progress. More specifically, an expanding population can have a detrimental impact on a country’s ability to prosper economically in the absence of efficient human capital development.

This is due to the fact that far more money is spent on managing and providing for the teeming people that the same can produce Brand (2009). Therefore, it is true to say that a country’s population expansion has a considerable impact on its economic growth. When examined and understood, the effect or impact, which depends on the existence of specific conditions and factors, can be managed or regulated to ensure ongoing and sustainable economic growth and development.

According to Dennis (2004), Nigeria is one of the nations with the quickest economic growth. With an estimated population of 140 million and an annual population growth rate of 2.9% (NPC 2006), Nigeria is the most populous nation in sub-sahara Africa and the tenth most populous in the world. However, the composition of this population is mainly in the youthful category with 49% being youths below the age of 21 and a dependency ratio estimated at 89%. A large proportion of this population favours and is living in the rapidly expanding urban area, presently estimated at over 45.2% and will likely hit 55.4% mark by the year 2015 (UNDP, 2007). This study aims to evaluate the Population indices and economic developmentand explore how population expansion affects Nigeria’s development. In particular, it analyzed the economic development indicators in Nigeria, the connection between population increase and economic development, and the function of NPC in fostering economic development in Nigeria. The Endogenous Growth Theory and the Malthusian Theory serve as the study’s theoretical foundations.. The primary and secondary data collection methods were utilized in the study to examine the following research question: Indicators of Nigeria’s economic development are not readily available. acquired. One of the proposals is the necessity for an undiluted conservative philosophy, where many people, especially in Nigeria, believe that population growth is the key to controlling political power and resources. Instead, a more effective and practical approach should be implemented. Additionally, laws must be introduced by lawmakers to track and manage the nation’s fertility rate while also raising public knowledge of population dynamics.

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