The contribution of transport to total gross domestic product has been on the downward trend in spite of the fact that 20% of annual budget is put on roads projects at both state and the federal level. The estimated loss to the Nigerian economy as a result of poor state of the roads is about N450 billion yearly.
What is the role of transportation in economic development?
A good transport system can broaden the market for goods. It can also make the movement of raw materials, fuel, equipment, etc. to the places of production easy. Further, it opens up remote regions as well as resources for production.
What are the role of transportation in Nigeria?
The role of Public Transportation is to provide people and services with mobility that fosters employment, education, retail, health, recreational facilities, communities’ facilities and other necessary basic structures that keeps life going.
Transport extends the range of sources of supply of goods to be consumed in an area, making it possible for user to get resources at cheap price and high quality. The use of more efficient systems of supply results in an increase in the total amount of goods available for consumption.
How do transportation and communication impact economic development?
Like reductions in tariffs and removal of other trade barriers, lower transportation and communication costs will increase the volume of mutually advantageous exchanges. In turn, economic theory indicates these exchanges will make it possible for the trading partners to achieve higher income levels.
What are the role of transportation and communication as the infrastructure of development?
Transportation and communication are important infrastructures for the overall economic development of a country. Transport is that facility by which people can move from one place to another place and transfer goods and services from one place to other.
What is the role of transportation and communication on national development?
Like many economic activities that are intensive in infrastructure, the role of the transportation sector is an important component of the economy impacting on development and the welfare of the population. … The direct impact is related to accessibility change where transportation enables to save time and costs.