Nigerian Economic Recession: Emphasis on Sound Transport Policy

Abstract

Apart from the global economic and financial crisis which has become a major concern for political leaders, economists and managers of financial institutions across the globe, there are also factors attributable to economic recession in Nigeria; among is lack of good transport infrastructures which is as a result of unsound or defected policies, and bad governance that resulted into deep seated corruption. This present economic crisis resulted into lack of confidence by citizens in the present administration because of the severe level of affliction on Nigerian governance and leadership style. Economic recession can be referred to as economic crisis or financial crisis; it is a period of economic slowdown. During the colonial era, the development of transport system led to the exploration of agricultural produce and natural resources for onward shipment into the domain of colonial master. As a result of these, other significant infrastructures were developed; facilitation of effective colonial administration; and facilitation of effective security and national defense. This support the fact that transportation is an important factor in the modern society; it is capable of producing significant benefits, it helps shape an area’s economic health and quality of life. Not only does the transportation system provide for the mobility of people and goods, it also influences patterns of growth and economic activity through accessibility to land. The significance of formulating and implementing sound policies in the nation’s transport sector cannot be overemphasized.

Keywords: Economic recession, transportation, and transport policy.