ECONOMIC IMPACT OF ADVANCED RAILWAY TECHNOLOGY IN NIGERIA

Railways network system has created billions of dollars in different economies around the world. The railway system has served as a source of revenue for many advanced nations. This study tends to look at the economic benefit of railway system in Nigeria. Two research questions were used for the study. The survey research design was used in the study. The researchers used a total of 740 individuals including business operators for the study. The study used random sampling technique to select 240 experts which represents 10% of the population used for the study. The researcher developed an instrument titled “Economic Impact of Advanced Railway Technology” (EIART). The instrument is a questionnaire item consisting of 2 items. The data obtained from the study was computed using percentages. Findings from research question 1, table 1 revealed that 47% of individuals to a very high extent agreed that advanced railway system can encourage economic growth in Nigeria. Also, 47% of individuals to a high extent agreed that advanced railway system can encourage economic growth in Nigeria. 6% of individuals to a moderate extent agreed that advanced railway system can encourage economic growth in Nigeria. Research question 2, table 2 revealed that 8% of individuals to a very high extent agreed that advanced railway technology will create jobs and other business opportunities in Nigeria. Also, 46% of individuals to a high extent agreed that advanced railway technology will create jobs and other business opportunities in Nigeria. 39% of individuals to a moderate extent agreed that advanced railway technology will create jobs and other business opportunities in Nigeria. Finally, 7% of individuals strongly disagree that advanced railway technology will create jobs and other business opportunities in Nigeria. Finally it was recommended that government should advance its projects towards installing advanced railway system to encourage more industrialization and movement of goods and services to the benefit of the nation.