IMPACT OF TRANSPORTATION ON ECONOMIC GROWTH; ASSESSMENT OF ROAD AND RAILWAY TRANSPORTATION

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IMPACT OF TRANSPORTATION ON ECONOMIC GROWTH; ASSESSMENT OF ROAD AND RAILWAY TRANSPORTATION

CHAPTER ONE

BACKGROUND OF THE STUDY:

Transportation becomes the back bone of any economy, especially countries like Nigeria. As such an anatomy of aspects relating to inefficiencies and lack of good transportation network in Nigeria coupled with low rate of economic growth (GDP) is crucial. Attached to this is the poor government policy on transportation (Lack of regulation of fees charged by private transporters, inadequate fuel, lack of automotive spare parts and above all the prevalence of bad roads and lack of security have succeeded in trimming down the transport system in Nigeria which have a negative effect on the economic growth.

Investment in transportation infrastructure is critical to sustained economic growth. Mobility studies show that transportation is absolutely essential to economic productivity and remains competitive in the global economy. An international study found that for every 10 percent increase in travel speed; labour market expands 15 percent and productivity by 3 percent (Barrister and Berechinan. 2000).

STATEMENT OF PROBLEM:

Transportation is a critical factor in the economic growth and development. It is a wealth creating industry on its own. Inadequate transportation limits a nation’s ability to utilise its natural resources, distribute foods and other finished goods, integrate the manufacturing and agriculture sectors and supply education, medical and other infrastructural facilities.

There is the need therefore to maintain and improve the existing transportation and build new infrastructures for a national wealth. The national wealth is the gross domestic product (GDP) which is an indicator or measures of the rate of economic growth.

1.3 PURPOSE OF THE STUDY:

The provision of transport infrastructure and services helps in reducing poverty. It needs no emphasis that various public actions aimed at reducing poverty cannot be successful without adequate transport infrastructure and services. It is also difficult to visualize meeting the targets or universal education and healthcare for all without first providing adequate transport facilities.

1.4 SIGNIFICANCE OF THE STUDY

This study may show the necessity for government to review certain economic policies and make governmental efforts to encourage foreign direct, foreign private and local investments in the country’s transportation sectors.

Government should also make new laws and policies that will encourage smaller players to invest in the sector. Besides, government will benefit from survival of such enterprises as it will derive income through taxes and job opportunities will be created.

1.5 OBJECTIVES OF THE STUDY

The researcher intends to find out the impact of effective road transportation on economic development of Nigeria.

The researcher aims to find out the impact of effective railway transportation on economic development of Nigeria.

This work aims to evaluate the level of relationship between effective road and railway transportation and economic development in Nigeria.

In the end the researcher shall establish some acceptable benefits that may be derived from effective road and railway transportation

1.6 LIMITATIONS OF THE STUDY

This study has been limited by a number of factors. Notable among the limitations was our people’s poor reaction to researches question and reading meaning into any attempt at any form of interview.

It took the researcher much time and effort to convince some respondents.

Another factor is the cost of transportation across the six geo-political zones. Hence the researcher had to collect data from selected areas within reach.

1.7. RESEARCH HYPOTHESIS:

H0: Effective road and railway transportation have a significant impact on economic development of Nigeria.

H1: Effective road and railway transportation does not have a significant impact on economic development of Nigeria.

H2: There is a positive relationship between effective transportation (road and railway) and economic development of Nigeria

H3: There is a negative relationship between effective transportation (road and railway) and economic development of Nigeria.

RESEARCH QUESTIONS:

Will effective road and railway transportation increase economic development of Nigeria?
Will effective road and railway transportation to attract investors and venture capitalists in Nigeria?
Will lack of effective road and railway transportation have an adverse effect on the nation’s economic development?

1.9 DEFINITION OF TERMS

ROAD: A road is a thoroughfare, route, or way on land between two places, which has been paved or otherwise improved to allow travel by some conveyance, including a horse, cart, or motor vehicle.

RAIL TRANSPORT: Rail transport is a means of conveyance of passengers and goods, by way of wheeled vehicles running on rails. It is also commonly referred to as train transport. In contrast to road transport, where vehicles merely run on a prepared surface, rail vehicles are also directionally guided by the tracks on which they run. Track usually consists of steel rails installed on sleepers/ties and ballast, on which the rolling stock, usually fitted with metal wheels, moves. However, other variations are also possible, such as slab track where the rails are fastened to a concrete foundation resting on a prepared subsurface

ECONOMIC DEVELOPMENT: Economic development generally refers to the sustained, concerted actions of policy makers and communities that promote the standard of living and economic health of a specific area

INFRASTRUCTURE: Infrastructure is basic physical and organizational structures needed for the operation of a society or enterprise, or the services and facilities necessary for an economy to function

ENTERPRISE: Any organization, including businesses, non-profits, and government agencies

EMPLOYMENT: Employment is a relationship between two parties, usually based on a contract, one being the employer and the other being the employee.

INVESTMENT: Investment is putting money into an asset with the expectation of capital appreciation, dividends, and/or interest earnings

TAX: It is a financial charge or other levy imposed upon a taxpayer (an individual or legal entity) by a state or the functional equivalent of a state such that failure to pay is punishable by law.

REVENUE: revenue or turnover is income that a company receives from its normal business activities, usually from the sale of goods and services to customers. In many countries, revenue is referred to as turnover.

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