This work X-rays the multidimensional relationship that occurs between infrastructure and economic development, evidence from Nigeria. The work develops an intuitive theory with a framework which examines this relationship by recognizing various channels through which infrastructure possibly affects development: as a factor of production, as a complementary significant factor of production, a stimulus to factor buildup, a stimulus to aggregate demand and an instrument to industrial policy. A framework is developed for evaluating and analyzing the theory of this relationship, which explores the implications of diverse definitions and measures of infrastructure on economic development. Empirical literature is then evaluated against this framework.
Inhaltsverzeichnis (Table of Contents)
- Introduction
- Notion of Infrastructure
- Infrastructure and Economic Growth
- Well-organized Utilization of Infrastructure and its Outcome on Productivity
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This work examines the multidimensional relationship between infrastructure and economic development, using Nigeria as a case study. It proposes a framework to explore this relationship through various channels: infrastructure as a factor of production, a complementary factor, a stimulus for factor buildup, a driver of aggregate demand, and an instrument for industrial policy. The paper analyzes the implications of different definitions and measures of infrastructure on economic development and evaluates existing empirical literature against the proposed framework.
- The complex relationship between infrastructure and economic development
- The impact of infrastructure on various economic factors, including productivity, factor buildup, aggregate demand, and industrial policy
- The challenges of defining and measuring infrastructure for effective analysis
- The role of infrastructure in achieving sustainable economic growth and poverty reduction
- Infrastructure investment as a driver of economic transformation in Nigeria
Zusammenfassung der Kapitel (Chapter Summaries)
- Introduction: This chapter highlights the crucial role of infrastructure investment in promoting economic development and achieving sustainable growth, drawing from the Chinese proverb "To get rich, first build a road." It emphasizes the significance of addressing Nigeria's infrastructure deficit to foster economic growth and poverty reduction, emphasizing the importance of infrastructure development in achieving the Millennium Development Goals.
- Notion of Infrastructure: This chapter explores the multifaceted nature of infrastructure, highlighting the challenges of defining and measuring it across economic studies. It examines various perspectives on infrastructure, including its role as a foundational element for economic activity and its distinction from "superstructure" activities. The chapter also discusses the importance of understanding the features and types of infrastructure, including social and economic infrastructure, for a comprehensive analysis of its impact.
- Infrastructure and Economic Growth: This chapter delves into the established correlation between infrastructure and economic growth, emphasizing the key role infrastructure plays in driving productivity and fostering economic activity. It examines various theoretical perspectives, research findings, and empirical studies highlighting the positive impact of infrastructure investment on economic growth. The chapter also discusses the importance of efficient infrastructure utilization and the potential challenges of overinvestment, highlighting the need for optimal infrastructure levels for sustainable economic development.
Schlüsselwörter (Keywords)
This paper focuses on the connection between infrastructure and economic development, particularly in the context of Nigeria. Key terms include infrastructure, economic development, sustainable growth, poverty reduction, trade facilitation, regional infrastructure projects, and investment.
Frequently Asked Questions
What is the central theme of this research regarding Nigeria?
The research examines the multidimensional relationship between infrastructure investment and economic development specifically within the Nigerian context.
How does infrastructure affect economic development?
Infrastructure acts as a factor of production, a stimulus for aggregate demand, and a vital instrument for industrial policy and sustainable growth.
What is the difference between social and economic infrastructure?
Economic infrastructure typically refers to physical networks like roads and power, while social infrastructure involves services like education and healthcare, both essential for development.
Why is the Nigerian infrastructure deficit a major concern?
Addressing the deficit is crucial for achieving the Millennium Development Goals, fostering poverty reduction, and driving economic transformation.
What theoretical framework is used in this study?
The work develops an intuitive theory that explores how diverse definitions and measures of infrastructure imply different outcomes for economic growth.
- Quote paper
- Michael Mitchell Omoruyi Ehizuelen (Author), Antwi Stephen Bodybobton (Author), 2013, Infrastructure Investment: The Pathway for Sustainable and Economic Transformation in Nigeria, Munich, GRIN Verlag, https://www.grin.com/document/262731
