An Assessment of the Impact of Population Growth on Inflation Rate in Nigeria

This study empirically evaluates the impact of population growth on inflation rate in Nigeria from 1990 to 2023. Specifically, the study examined the effect of population growth indicators (birth rate, death rate, fertility rate, net immigration) on inflation rate. In order to achieve the objectives of the study, the study made use of annual time series data which were mainly sourced from Central Bank of Nigeria (CBN) 2023 statistical bulletin, National Bureau of Statistics (NBS) 2023 report and 2023 World Development Indicators of World Bank. The techniques of data analysis used include descriptive statistics, trend analysis, multicollinearity test using correlation matrix, ADF unit root test, bounds cointegration test and ARDL approach. The findings of the study revealed that birth rate had a positive and significant effect on inflation rate in Nigeria. On the other hand, death rate has a negative and insignificant effect on inflation rate in Nigeria. In addition, fertility rate has a positive and non-significant effect on inflation rate in Nigeria. Lastly, while net immigration has a positive and significant effect on inflation rate in Nigeria. Based on the empirical results, the study concluded that population growth significantly influences inflation rate in Nigeria, both in the short run and the long run. The study recommends that there is an urgent need for government intervention in population management. The Nigerian government should strengthen national population policies and implement effective family planning programs to control excessive population growth.