IMPACT OF POPULATION GROWTH ON SOCIO-ECONOMIC DEVELOPMENT: THE NIGERIAN EXPERIENCE

Abstract

Scholars argue that high population growth creates pressures on inadequate natural resources, mitigate private and public capital formation, and redirect additions to capital resources to preserving rather than increasing the stock of capital per worker.
Others point to positive effects such as economies of scale and specialization, the possible spur to favorable motivation caused by increased dependency, and the more favorable attitudes, capacities, and motivations of younger populations compared with older ones. Recent United Nation projection put Nigerians population at 216 million people. It is against this backdrop that this study examines the prospect of population as a potent instrument for Nigerian's development. The paper utilizes secondary source of data, whereas analytical method of data analysis was utilized. Inductive analysis from this paper indicate that population growth is a potential resource for socio-economic development provided that the population is optimally utilize. China with its population of 1.2 billion was able to lift use its productive population to left over 200 million out of poverty in 20 years, and become one of the leading economies in the world. This study recommends that Nigeria should see population as a blessing that should be utilize for national development. Nigeria should convert its population from a consumption population to a productive population as this is the only means by which Nigeria can utilize its population for national development.