POPULATION GROWTH_AND ECONOMIC DEVELOPMENT IN NIGERIA (1981-2011)
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- NGN 5000
BACKGROUND OF THE STUDY
Over the years if has become established that the existence of an efficient human capital is the key to economic growth and development in any nation. This seems from the fact that every other facility and resources required for economic development is driven by the availability of human capital. More so, in the absence of effective human capital development, an increasing population can have adverse negative effect on the economic growth of a nation. This is because a lot more resources are taken out to manage and cater for the teeming population that the same can generate. It is therefore correct to state that the economic growth of a nation is significantly dependent on the growth of its population. This effect or impact can be either negative or positive depending at the existence of certain factors and conditions, when studied and understood can be managed or controlled to ensure continuous and sustainable economic growth and development. Meier (1984). Economic development and growth depend on many factors or variables. These variables include variable resources, capital, population and technology. Development is also dependent on growth. Lipase (1963). 2 People have often said to crucial to the development of every society. Growth in population is one of the components of economic growth (wish the associated, although delayed increase in the labour force) has traditionally been considered a positive factor in stimulating economic growth and development. Lipase (1963). The relationship between economic development and the growth of population is theoretically held to be positive especially when the population is largely productive and not dependent. Increased economic growth does not by itself guarantee economic development it makes economic development possible. Havey (1983). Economic growth enables improvements or positive changes to take place in various of economic activity due to increased production of goods and services. Larger population provide the need consumers demand to generate favourable economies of scale in production to costs of labour force means more productive man power in the economy. The ability for a country to effectively exploit natural resources is dependent on among other things, the managerial and technical skills of its people. It is the people who exploit natural resources, accurate capital and carry out national political organizations and carry out national development programms. Thus, labour is the major contributor to prosperity and growth. Tadaro, (1982). 3 According to the theory of demographic transition growth occurs only after country would have undergone different levels of population growth to arrive to an optimum wide will naturally lead to growth. A more conventional economic argument is that population growth in many third world countries a region is in-fact desirably to stimulate economic growth and development. This is not a case in Nigeria; Nigeria is a less developed country and a highly populated one at that, more so her growth rate has always been very low, compared with the increase in population. This features of the nation is an cause for concern. During the study, it is necessary to state that because development has no unit if measurement and because of lack of reliable date on its components economic growth will be used as a proxy for measuring development. This is because economic growth is the one component from which other components spin off and to which other components are related.
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