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This study examined the relationship between fertility and welfare. Nigeria is characterized by a relatively high fertility level, and the need still remains for improvement of the welfare level of many households. Using data from NDHS 2018 and employing a twostage estimation method, it was observed that an increase in the number of children born caused a significant reduction in the likelihood of a household being poor and increased its likelihood of being a rich household. Thus, increasing fertility did not necessarily depress household wealth, instead, it improved household welfare. The effect of welfare on fertility was such that women from households in the poor and middle wealth index were more likely to have a higher number of children born than those who were not in these household wealth categories. Women from rich households were less likely to have more children than those not from rich households. Thus, households with higher welfare levels had lower fertility.