On Some Demographic Structures and Economic Growth in Nigeria (2003–2022)

Abstract

Effective development planning necessitates the integration of sound social and economic planning strategies. In Nigeria, demographic and population data play a crucial role in shaping these plans. This research investigates the impact of demographic structure on the country's economy, with a specific focus on key characteristics such as population size, birth rate, mortality rate, growth rate, GDP growth rate, and fertility rate. The study analyzes demographic features alongside GDP growth rate data spanning from 2003 to 2022. The findings reveal a robust correlation between birth rates and GDP growth, indicating that population dynamics significantly influence economic development. Additionally, positive relationships are identified between death rates and GDP growth, underscoring the impact of mortality issues on economic outcomes. The regression model demonstrates that demographic factors collectively mold Nigeria's economic growth trajectory, shedding light on the intricate dynamics between demography and economic development. Through time series analysis, the model exhibits low errors and high explanatory power. However, residual analysis highlights serial association, emphasizing the temporal demographic effects on economic growth. Ultimately, the study underscores the potential contributions of demographic characteristics to Nigeria's economy. Policymakers and economists keen on leveraging demographic shifts for economic advancement will find valuable insights in this research. As demographic considerations increasingly play a pivotal role in Nigeria's economic growth, strategic planning and decision-making must take these factors into account.