AN EMPIRICAL ANALYSIS OF THE IMPACT OF POPULATION GROWTH ON NIGERIA’S ECONOMY

ABSTRACT

This paper highlights the effects of population growth on Nigeria's economic growth between the period of 2000-2019. Using the time-series data and multiple regression analysis we were able to determine the relationship that exists between population growth and economic growth. Our results show that economic growth has a negative relationship with population growth. This suggests that as population continues to rise in Nigeria, economic growth will decline and vice-versa. The other explanatory variables used in the paper have also proven to be significant determinants of population growth. This paper made use of the multiple regression model to test all the available independent and dependent variables, the result suggested that INR has a positive relationship with economic growth, meaning an increase in one unit of INR will lead to an increase in economic growth. While PGR, MOR and UNR have negative relationships with economic growth, meaning an increase in either variable will lead to a decline in economic growth. The paper concluded that the educational sector needs a larger share of the total budget, seeing as illiteracy is a huge factor causing population expansion in Nigeria. Also, government should formulate and implement appropriate demographic policies to be implemented not just on paper but in real life, also, sound monetary and fiscal policies should be put in place by the government to improve living standards of the citizenry.