CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Over the years, it has become evident that human capital is a vital component in driving growth and development. This is because the productivity required to stimulate economic growth can only be achieved in the presence of human capital. In this regard, a growing population could be perceived as a blessing; especially if the demographic composition consists of youths who are active participants in economic activity. However, when population growth outperforms growth, the effects can be unfavorable; especially for per capita income (Handbook of Economic growth; O. Galore 2005).
A rapid growth in population can lower per capita incomes through three key channels. Firstly, it increases the pressure of the population on natural resources; especially land. Secondly, it can lead to a scarcity of goods and services which often leads to an increase in price (consumption cost). Finally, it leads to a decline in capital accumulation and savings because the larger a family, the higher their expenses, and the lower their propensity to save (world population review, 2019). Population growth also negatively impacts poverty and inequality, education, employment health, food, migration, and the environment; all of which feeds into economic growth. Other aspects of population asides from numbers that influence economic outcomes for individuals and society as a whole include age, geographic, and social mobility.
Nigeria, popularly referred to as the “Giant of Africa” (WHO, 2006) has one of the largest and fastest-growing populations in the African continent. According to the National Bureau of Statistics (2016), Nigeria accounts for about half of West Africa’s population with an estimated 202 million people. At around 2012 a large proportion of Nigeria’s population consisted of youths which made up around 42.54% of the entire population. The rapid population growth in Nigeria has had severe consequences on the nation’s development. The most profound being unemployment, endemic poverty, high levels of inequality, and insecurity issues.
This study explores the interactions between population growth and other economic variables such as unemployment, savings, interest, and inflation affect economic growth in Nigeria. So, in this study, our focus is on Nigeria’s population growth rate over the years, with an emphasis on the causes and consequences of a burgeoning population growth.
Nigeria has a growing population and what can also be referred to as an increasing population. The 1991, census figure out Nigerian population at about 89 million people with the growth rate of 2.82 and the total fertility rate as revealed by Post Enumeration Survey (PES) at 5.89 percent. The Nigeria Demographic and Health Survey (NDHS), (2003 and 2008) put the total fertility rate at 5.7 percent as against that of 1999 NDHS which was 5.2 percent. Going by 2006 Nigerian National Population Census, Nigeria had a population of one hundred and forty million, three thousand and five hundred and forty two (140,003,542) (National Bureau of Statistics, 2009). The growth rate was 3.02 percent per annum. The population is capable of doubling itself in less than twenty three years. In addition, the United Nations estimates of 2009 put the Nigerian total population at one hundred and fifty one million, thirty thousand and four hundred (151,030,400). Nigeria is the most populous country in Africa and also
