Economics-Conference Papers

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Browsing Economics-Conference Papers by Author "Lanre, I.R"

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    Infrastructure Development and Economic Diversification of the Urban Region: Policy Implications from Lagos State
    (2016-09-29) Omojolaibi, J.A; Lanre, I.R
    This study examines the role of infrastructure development in the economic diversification of Nigeria with reference to the urban regions. It identifies mechanisms that are feasible for rapid developments and diversification of the economy under currently severe economic crisis, and to determine their effectiveness in promoting sustainable development through diversity in production and distribution of goods and services. The primary objective of the study is to investigate the relationship between infrastructure developments and economic diversification in the metropolitan area of Lagos, which include Lagos Island, Kosofe and Ikeja. Two research questions and two hypotheses will be answered and tested respectively to guide the findings of the study. The descriptive survey research design will be used in carrying out the study. Questionnaire will be used for data collection. A sample of 300 employees from sectors such as; power, telecommunication, education, health and road transportation are the participants. The bio data of the participants were analyzed via discrete analysis and descriptive statistics. The testing of the hypotheses were done with the use of the Logistic Regression Model (LRM) and Analysis of Variance (ANOVA) at 0.05 level of significance. The study finds government, private sector and natural resources as a crucial mechanism needed to surmount the challenges currently facing the economy. The study also finds that economic diversification is positively related to the growth/development of the Nigerian economy. The study recommends that focus should be given to telecommunication, power and energy and education sector as growth/developments in these sectors are presumed highly sensitive to stimulating development in other sectors and necessary to reduce overdependence on the oil sector. Due to the tremendous roles of human resource/manpower in the development process, it is also recommended that government should ensure adequate funding of education sector and encourage private partnership participation in the sector.