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Nigeria Journal of Management Sciences (NJMS), Benue State University
The Impact of Infrastructure Development on Economic Growth in Nigeria
Ogbaro, Eyitayo Oyewunmi: Department of Economics, Faculty of Business and Social Sciences, Adeleke University, Ede, Osun State-Nigeria. Eyitayo.ogbaro@adelekeuniversity.edu.ng +2348060052264
Omotoso, Damilola Christiana: Department of Economics, Faculty of Business and Social Sciences, Adeleke University, Ede, Osun State-Nigeria. Damilolaomotoso8@gmail.com +234816 181 2829
Abstract
It is the belief of scholars that for developing countries to achieve sustainable economic growth, it is necessary for policy makers to design economic policies targeted at improving infrastructure. In view of this, this paper examines the role of infrastructure development in promoting economic growth in Nigeria over the period 1980-2015. A Cobb-Douglas production function which models infrastructure as a stock variable is specified and estimated using the ordinary least squares method. The study finds positive and significant effects of total air transport infrastructure, communication infrastructure, power infrastructure and total rail lines on economic growth with estimated elasticities of 0.035, 0.016, 0.141 and 0.132, respectively. The study recommends that it will be worthwhile for the Nigerian government and policymakers to implement policies geared towards the development of infrastructure. Also, since the government cannot do it alone, an enabling environment should be created to encourage Public-Private Partnership in infrastructure development.Key words: Infrastructure development, Infrastructure components, Economic growth.
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