Impact of Road Infrastructure Funding on Economic Growth in Nigeria

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2022-09-03

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Abstract

Road infrastructure plays a crucial role by providing mobility for the efficient movements of people and goods, as well as providing accessibility to a wide variety of commercial and social activities. The study analysed the contribution of road infrastructure on economic growth in Nigeria, using ex-post facto and existing data research methods. The data collected were analysed using simple regression with the aid of E-views. The study revealed that every 1 Naira spent on road had positive significant impact on the Nation’s economic growth and every length of road constructed had positive significant impact on industries, commerce, and trade by connecting many rural communities to urban cities. Therefore, it was recommended that: there should be a legislation on a special endowment fund account where all revenues from roads and fuel consumption tax with a percentage (1%) will be dedicated to road construction and maintenance and attention should be paid to policy that will promote road construction and all year maintenance.

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Roads, economic growth, infrastructure, finance

Citation

Agbigbe, W. A. (2016). “The Impact of Transportation Infrastructure on Nigeria's Economic Development”, Waiden Dissertation and Doctoral Studies Collection, Waiden University. http://scholarworks.waiden.edu/dissertation AICD, (2008). Financing Public Infrastructure in Sub-Saharan Africa: Patterns and Emerging Issues. The Africa Infrastructure Country Diagnostic, The World Bank Publication. Agenor, P. R & Aizenman, G. (2006). Public Infrastructure and Growth. https://docume ntsworldbank.org/curated/en/485431468141267544/pdf/wps4064.pdf Aschauer, D. A. 1989. “Genuine Economic Returns to Infrastructure Investment”, Policy Studies Journal, Vol. 21: No. 2: June: 380—390. Barro R. J. (1990). “Government Spending in a Simple Model of Endogenous Growth”, Journal of Political Economy, Vol. 98, 103-125. Bichi, A. R. S. (2017). “Alternative Modes of Infrastructure Financing: A Review of Issues and Challenges”, paper presented A Two-day Specialised Workshop on Finance and Development of Capital Projects-Emerging Solutions” Westown Hotel, 1 Ayeni 1010 Close, Sheraton Link Road, Opebi, Ikeja, Lagos, Nigeria, 332 Wed. 5th-Thurs 6th of July. Accessed http://niqs.org.ng/wpcontents/ uploads/2017/07/PAPER-5-INFRA-FINANCING.pdf, April 2, 2020. Canning, D. & Pedroni, P. (2004). “Infrastructure and Longrun Economic Growth.”, Working Paper, 99 (9), Centre for Analytical Economics, Cornell University. Canning, D. & Bennathan, E (2000). “The Social Rate of Return on Infrastructure Investments,” Development Research Group. Public Economics and Private Sector Development and Infrastructure Group. Washington. World Bank Canning, D., Fay, M. & R. Perotti. 1994. “Infrastructure and Growth”, in M. Baldassarri, M. Paganaetto, & E. S. Phelps. (Eds.) International Differences in Growth Rates. New York: St. Martin’s Press

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https://keffi.nsuk.edu.ng/handle/20.500.14448/2404

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