International Journal of Business and Finance Management Research
ISSN: 2053-1842
Vol. 8(4), pp. 48-55 June 2020
doi.org/10.33500/ijbfmr.2020.08.006

Effect of population growth on economic growth in Nigeria

Efuntade, Olubunmi Omotayo¹* and Efuntade, Alani Olusegun²

¹Department of Economics, Faculty of Social Sciences, Federal University Oye-Ekiti, Ekiti State, Nigeria.
²Procurement Unit, Office of the Vice Chancellor, Federal University Oye-Ekiti, Ekiti State, Nigeria.

*To whom correspondence should be addressed. E-mail: bunmiefun@gmail.com.

Received 10 April, 2020; Received in revised form 14 May, 2020; Accepted 18 May, 2020.

Keywords:
Population growth, Economic growth, International migration.

This research explored the effect of population growth on the economic growth of Nigeria over the period of 1994 to 2019. Time Series data on gross domestic product (GDP), mortality rate, fertility rate, and immigration rate, were obtained from the Central Bank of Nigeria (CBN) and world development indicators. This study utilized the co-integration and vector error correction model to analyse the data. The findings of the study revealed that mortality rate has a negative significant effect on GDP in Nigeria’s perceptive, while it can be concluded that fertility rate has a significant positive effect on GDP. International migration (IM) has a positive effect on economic growth in Nigeria. The study recommends that the Nigeria government should ensure that Nigeria’s rising population should be channeled into areas of the economy where they may be fully, effectively and efficiently utilized in bringing about high rates of economic growth for the country. In addition, the Nigeria government should increase access to affordable health care services so as to reduce death rates in order for Nigeria to achieve increased economic growth.

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