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 6 Fully Modified least square estimates of population and economic growth in the Harrod–Domar and Solow model

	Harrod–Domar model		Solow model
	Income growth	Per capita income growth	Income growth	Per capita income growth
Investment (gfcf)	− 0.0212***	− 0.0074***	− 0.0036***	− 0.0026***
Investment (gfcf)	(0.0033)	(0.0016)	(0.0008)	(0.0005)
Population growth (popg)	1.0740**	0.7630**	0.5132***	0.4526***
Population growth (popg)	(0.4817)	(0.3806)	(0.1027)	(0.1121)
Government consumption (gcon)	0.0419	0.0254*	− 0.0052	− 0.0035
Government consumption (gcon)	(0.0259)	(0.0126)	(0.0031)	(0.0029)
Trade openness (topen)	0.0027	− 0.0021	0.0009*	0.0006
Trade openness (topen)	(0.0037)	(0.0018)	(0.0004)	(0.0004)
GDP/GDPPC(− 1)			0.8919***	0.7978***
GDP/GDPPC(− 1)			(0.0233)	(0.0363)
Constant	24.280**	4.9200***	1.7953**	0.2708
Constant	(2.5390)	(1.2346)	(0.6821)	(0.3533)
Adjusted R-square	0.8479	0.8176	0.9964	0.9858

Values in brackets are standard errors
^***,** and * represent statistical significance level at 1%, 5% and 10%, respectively. The values in parenthesis “[]” show the non-acceptance of the null hypothesis at 5% level