Is population an asset or a liability to Nigeria’s economic growth? Evidence from FM-OLS and ARDL approach to cointegration

Future Business Journal

Table 3 Unit root test results (augmented Dickey–Fuller test)

Variables	Levels		First difference		Stationarity status
Variables	No trend	Trend	No trend	Trend	Stationarity status
GDP growth (gdpg)	− 4.1062***	− 3.3736*	− 9.9317***	− 10.210***	I(1)
GDP per capita growth (gdppcg)	− 4.1311***	− 3.3859*	− 9.9425***	− 10.226***	I(1)
Population growth (popg)	− 5.4526***	− 3.3717*	− 6.8402***	− 6.8868***	I(1)
Gross fixed capital formation (gfcf)	− 3.4205**	− 3.3094*	− 4.6588***	− 5.3552***	I(1)
Trade openness (topen)	− 2.2768	− 2.3278	− 7.3471***	− 4.5779***	I(1)
Government final consumption (gcon)	− 1.1373	− 2.7178	− 5.6120***	− 5.5188***	I(1)

^***,**,* represent significance level at 1%, 5% and 10%, respectively
No Trend implies with constant and no trend, Trend implies with constant and trend