Nigeria currently ranks as the seventh most populous country in the world. However, there is no consensus in the empirical literature on the effect of this growing population on economic development. This study contributes to the ongoing investigations into the effect of population growth on economic development in Nigeria. The study used annual time series data for the period 1980 to 2016 and adopted the OLS regression technique. The results indicate that population growth retards economic development in Nigeria. However, the results further show that credit to the private sector is an important driver of economic development in Nigeria both in the short-run and long-run. Among others, the study concludes that policies that can control the escalating population; ensure that the existing population becomes more productive; and deepen the availability of credits for the private sector will enhance economic development in Nigeria