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Effect of Population Growth and Human Capital Development on Economic Growth in Nigeria

Author

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  • OGUNJOBI Joseph Olufemi

    (Department of Economics, Landmark University, Omu Aran. Kwara State)

  • OLADIPO R. Olabisi

    (Department of Economics, Landmark University, Omu Aran. Kwara State)

  • OLADIPO Adebayo Olufemi. Phd

    (Department of Accounting, Landmark University, Omu Aran, Kwara State)

Abstract

The study evaluates the impact of population growth, human capital development on economic growth in Nigeria for the period of 1988 to 2022. Secondary data were used and sourced from the World Development Indicators and United Nations World Population Prospects. Auto-regressive distributive lag was employed to analyse the long-run and short-run effects of both the population growth and human capital development on economic growth. The result of the analyses showed that population growth has a negative impact on economic growth, a 1% increase in population growth will lead to a 23988 increase in economic growth while human capital has a negative impact on economic growth with a 1% leads to 25.6998 decrease in economic growth. Life expectancy variable also have negative relationship with economic growth. The results of the fixed capital formation and the government expenditure have positive relationship with economic growth. Based on these findings, the paper concludes that the government should increase investment in human capital and provide employment opportunities to reduce the negative impact of population growth. Government should also increase spending (expenditure) on education, training and health.

Suggested Citation

  • OGUNJOBI Joseph Olufemi & OLADIPO R. Olabisi & OLADIPO Adebayo Olufemi. Phd, 2024. "Effect of Population Growth and Human Capital Development on Economic Growth in Nigeria," International Journal of Research and Innovation in Applied Science, International Journal of Research and Innovation in Applied Science (IJRIAS), vol. 9(7), pages 19-27, July.
    • Handle: RePEc:bjf:journl:v:9:y:2024:i:7:p:19-27
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