THE IMPACT OF CONSTRUCTION INDUSTRY IN THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF IMO STATE)
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ABSTRACT
This study was carried out to evaluate the impact of construction industry in the economic development of Nigeria (A case study of Imo State). Specifically, the study aims to find out how the construction industry contrinbute to the economic development of Nigeria, examine the impact of construction industry in the economic development of Nigeria and assess the role of Nigerian government in the growth of construction industry. The study employed the survey descriptive research design. A total of 141 responses were validated from the survey. From the responses obtained and analyzed, the findings revealed that the construction industry have not contributed to the economic development of Nigeria. The study thereby recommend that as a developing economy, Nigeria needs massive investment in physical infrastructure for sustainable development. One fundamental way of overcoming the low and declining input of construction to the GDP is the level of development of the national financial system most especially the capital market to access fund for infrastructure development. Politically, the government is responsible for at least 60percent of the construction sector output and thus the single largest driver of the construction sector output and contribution to the construction sector. It is important for the construction sector, that government (federal & states) sustains a consistent and growing budgeting for housing and transport construction. Additionally, government fiscal and monetary policy and other policy on the economy may have significant effect on the construction output.
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