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INFRASTRUCTURE FINANCE AND DEVELOPMENT IN NIGERIA
Abstract
Development in whatever dimension cannot result into good healthy living if infrastructure such as telecommunications, transport, energy, water, health, housing and education are not invested on. As such, financing of infrastructure project is expected to yield positive externality on economic growth and welfare of the people. This study analyzed the effect of public and private investment on infrastructures and its impact on economic growth in Nigeria during the period 1970 to 2014 using Stephane et.al (2007) and Sahoo et.al (2010) framework. The Engel-Granger(1987) cointegration and Error correction mechanism (ECM) were employed to analyze the unit root procedures, ascertain the long run relationship and establish the values of long run parameters. Empirical results show that infrastructure components exert positive contribution on economic growth in Nigeria. Domestic investment on infrastructure and total labour force correlated with economic growth negatively. Nigeria’s experience in terms of infrastructure development show that government needs to design an economic policy that would raise the quality of infrastructures and at the same time makes provisions for human capital development for sustained growth.
Keywords: Nigeria, Infrastructural development, Cointegration, Error Correction Mechanism