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Future

The future value of the baht

All the forecasting techniques have its own importance and no one can deny the significance of these forecasting techniques. Technical analysis debates over past trends of currencies specially Baht. This analysis primarily focuses on the past prices and volume and not debates over other variables such as economic, political, etc (Milton, 2009). While the Fundamental analysis is a very important currency forecasting technique which discusses the relationship between different non financial information/variables (such as inflation rates, national income growth, and other macroeconomic variables) and exchange rates (Milton, 2009).
Market Based forecasting technique takes all the market sentiments in consideration and in according to the behavior of market sentiments this technique draw a valid conclusion which in the makes an impression on the future foreign exchange rate of Baht (Wadhwa, 2005). According to my assessment, Technical analysis is slightly hindered the foreign exchange dealers or market because it is very difficult to predict day by day movements remember this model assess the past and in accordance with the analysis this technique respond the future .
This analysis would not be useful the foreign exchange market is weak-form efficient. Moreover, this technique only focuses on the near future and rarely provides point/range estimates. Fundamental analysis debates on quantitative measurements (with the aid of regression models and sensitivity analysis). This technique also talk about Purchasing Power Parity (PPP).

But it is not give the appropriate and valid result because in the case of PPP certain behaviors like impact of inflation, trade barriers, changes in the sensitivity of currency, etc also gives the wrong estimations regarding the future rate of Baht. Market-based forecasting well suited for the currency market and especially for the currency of Baht because in the currency market either the spot rate or the forward rate is used which makes an impression on the future exchange rate and all the market participants behaves according to the future rate.
In short, this technique molds according to the behavior of the foreign exchange market (Wadhwa, 2005). All in all, Market-based forecasting method is quite feasible and easy to assess the behavior of the foreign exchange because this analysis predict the results according to the current behavior in accordance with the spot rate or the forward rate so it is very easy for the speculators and analysts to draw a valid conclusion from the Market-based forecasting method.
Reference Milton, Adam (2009). Fundamental or Technical Analysis?. Retrieved August 3, 2009, from About Web site: http://daytrading. about. com/od/daytradingbasics/a/FundamentalOrTe. htm Wadhwa, S. (2005). FORECASTING Ex-RATES- (MARKET BASED INDICATORS). Retrieved August 3, 2009, from Cool Avenues Web site: http://www. coolavenues. com/forums/showthread. php? t=7131

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Future

In the Future Schoolteachers Will Be Replaced by Computers

With the present wide use of computers, in the course of teaching, more and more teachers are in favour of using computers as an aid in teaching their students or in appropriating the latest information from the Internet. However, I am not a believer in the argument that computers may in the future take the place of teachers in teaching students. Firstly, the creators of any education program and software need to be teachers or workers in the education system, or programmers who had previously worked in education.
Therefore, although students may learn knowledge by computer, the skills and ideas ultimately emanate from the teaching staff. Secondly, while the computer may offer a correct answer or explanation to students, the comprehension capability of every student varies from student to student, making it is impossible for the computer to offer an explanation catered to a student’s particular level of understanding. However, the teacher is able to undertake this task, as he or she possesses expertise in teaching.
For example, when a teacher discovers that many students cannot understand professional knowledge, he or she may offer explanatory examples. The computer, however, may only analyze a question in terms of a simple right or wrong response. Finally, the teachers are invariably responsible for carrying a dual role. Most teachers act as not only an educator, but also a kind of father or mother-figure in taking care of students in school.

The teacher is able to assist parents in solving a child’s mental problems other than imparting daily knowledge. The computer, which is purely an algorithmic electronic device, cannot hope to assist in this regard. In summary, the computer may not play a major role in education in comparison to the benefits of a teacher bestows. However, it is critical that teachers improve their old teaching modes by using computers at some level of educational teaching.

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Future

The contribution of infrastructure to Nigeria’s economic development and future prospects

Introduction
There is general consensus that there is a positive relationship between development in the financial sector and economic growth providing the means to mobilize and to allocate funds in the economy (Masha et al., 2004; Shaw, 1973). However, financial development is also shown to be inadequate to cause economic development often being considered to be a passive handmaiden serving to enhance the output and contribution of the real sector (production) (Firzli and Bazi, 2011; Olaseni and Alade, 2012). There is therefore need for enhanced focus on the growth of the real sector, which in most cases is private sector driven and includes economic activities of a country’s citizenry. Herein lay the import of infrastructure development and the need for its aligned pursuit with financial sector development for enhanced national economic development. This research assesses the potential for utilizing infrastructure investment to enhance economic development in Nigeria, seeking to show need for enhanced focus on infrastructure investments to achieve the country’s desired economic growth and a positive future prospects.
Aim of research

This research proposes that there is significant potential for utilization of infrastructure investment to achieve enhance economic development of Nigeria. Through the assessment of this potential and analysis of government efforts towards managing infrastructure inadequacies, this research endeavours to answer the question: What is the potential for utilizing infrastructure investment to enhance economic development in NigeriaIt seeks to show that infrastructure investments are justifiable in the quest for economic growth and robust future economic development prospects for Nigeria.
Research Objectives
With regard to its overarching theme, this research aims to achieve the following objectives:
To assess the correlation between infrastructure development and economic growth
To assess infrastructure inadequacies in Nigeria impeding the country’s economic growth and what measures are being taken to address them.
To evaluate impact of infrastructure development past and present on Nigeria’s future prospects and economic outlook.
Structure of proposal
Following is a review of literature which lays the foundation for the subject under study. It is followed by the research Methodology outlining techniques and approaches employed in the conduct of study.
Literature review
There is general consensus that there is a positive relationship between development in the financial sector and economic growth. While acknowledging that financial institutions provide the means to mobilize and allocate funds in the economy hence enhancing development, Schumpeter, in his 1934 work, did not perceive financial sector development as being the cause of economic development. Later in 1954, Robinson supports this view arguing that the financial sector is a handmaiden of economic development, which is passive and responds to needs in the real sector (which encompasses economic production including manufacturing) and therefore growth in the real economy (Masha et al, 2004). However, McKinnon (1973) and Shaw (1973) argue that the financial sector can be more than a passive handmaiden and a major driver of economic growth if it is relieved of its restraints. With repression, they argue that the financial sector responds passively to the needs in the real-sector and can only drive economic development if liberalized.
It is settled for most research work that there is a definite link, between growth in the financial sector and in the real sector (economic production). In an article in 2005, Asagowa identified close to ten indices of growth and deepening of the financial sector. These include rate of growth of all-encompassing money relative to GDP (diversification of the economy), interest rates spread, and ratio of financial assets to GDP, among others (Babatunde, et al, 2012). Infrastructure is a significant contributor to growth in sectors of the economy such as manufacturing and other forms of production easing and facilitating essential constituent processes.
Financial sector reforms and economic development
Up until the fourth quarter of 1986, Nigeria pursued a government-led economic development paradigm guided by National Development Plans. The government dominated all sectors of the economy including agriculture, commerce, services (especially transportation), and industry, among others, with the private sector playing a passive role. Since its independence in 1960 and subsequent discovery and exploitation of oil through the 1970s, the government had sufficient resources to finance these development plans to a reasonable proportion (World Bank, 2010).
However, poor fiscal discipline consequent to the revenue windfalls deriving from oil saddled the nation with a significant external debt burden. The disregard of other sectors of the economy led to a fall in international trade, and as well resulted in high unemployment rates and slow growth of output. These led the government to rethink its underlying philosophy of development resulting in a shift in paradigm to a private sector-led paradigm. With this shift came relief of stringent regulations governing every sector which were put up to enhance government control but which impeded the enhancement of performance and growth (Akinyosoye, 2010).
In 1984, therefore, a programme was fashioned called the Structural Adjustment Programme (SAP) which attempted to move the country away from direct government control of economic activities to indirect control such as through market forces. This involved widespread deregulation of trade, exchange, finance, among others. However, in spite of the increase in the number of financial institutions and greater variety of financial instruments and freedoms, the real economy showed no marked improvement with all macroeconomic indicators declining three years into the new millennium (World Bank, 2013). The country suffered debilitating external debt, high inflation (highest at 72.8% in 1995) (FMW, 2012: NNBS, 2013), high level of fiscal debt, underemployment and low capacity utilization in industry and agriculture. There was general distress also in the financial sector with high levels of insolvency and non-performing loans (Firzli and Bazi, 2011). Financial reforms have not been entirely successful translating into economic growth to desired levels. In this regard, there is need for aligned pursuit of growth in the financial sector with that in the real sector, which is facilitated by infrastructure development. Herein lay the import of infrastructure development.
Infrastructure and economic development
Infrastructure is herein defined to include the sectors of transport, water and sanitation, telecommunications, power, among others. In all countries across the globe, this aspect represents a large portfolio of expenditure, ranging from a third to a half of public investment (Akinyosoye, 2010). Given the intense capital requirement and the length of time it takes for benefits to manifest, there has been concern and debate among economic policy makers, politicians and the general public regarding the performance of infrastructure and its impact on economic development (Patunola-Ajayi, 2013). However, AEO (2013) and WEF (2010) among others present a widespread agreement that the inadequacy of physical infrastructure in a country is among major constraints impeding sustained and broad-based economic development.
There are various correlations between infrastructure and economic activity. In the short term, the construction phase is associated with attendant decision in the public sector that could have an influence on macroeconomic variables such as GDP, employment, public deficit, inflation, among others. The public investment thus expands aggregate demand, yielding a boost to employment, production and income (Patunola-Ajayi, 2013). In the medium and long term (the utilization phase), there are macroeconomic effects such as increases in productivity over the territory and in the private sector, as well as its effect on the degree of competitiveness of an economy (ADB, 2012; Foster and Briceno-Garmendia, 2010).
Additionally, various benefits derive from infrastructure development. The availability of infrastructure influences the marginal productivity of private capital with investment of public capital in infrastructure in a particular location often attracting additional flow of resources (Akinyosoye, 2010; ADB, 2012). Infrastructure services such as transportation, electricity, and water are also intermediate inputs to production. Public capital invested in infrastructure therefore complements private capital and serves to enhance economic development (ADB, 2012; World Bank, 2010). Services thereby generated as a result of sufficiency of infrastructure translate into increased aggregate output.
At the microeconomic level, the effect of infrastructure is specifically seen through the reduction in the cost of production derived from its impact on profitability, output levels, employment and incomes (Myers, 2007). This is particularly the case for small and medium scale enterprises. Extensive and efficient infrastructure is critical in ensuring effective functioning of the economy and is an important factor in the determination of the location of economic activity and the kind of sectors and/or economic activities that can develop in a particular economy (Patunola-Ajayi, 2013).
There is also the intermediate input for economic development which encompasses higher productivity obtained from improved human capacity development. This can be attained through improvements in healthcare, nutrition, education, better roads and transportation, and access to electricity to households as well as telecommunication services which enable the creative engagement of citizens and access to core economic activities (Wilhelm, 2010; Akinyosoye, 2010). On a global scale, and regarding international trade (trade logistics), there is also an impact on the cost and quality of service which determine competitiveness in export and import markets. Infrastructure reduces the effect of distance between regions, enables the integration of national markets, and creates connections at lower cost to markets in other regions or countries (WEF, 2010; ADB, 2012; KPMG, 2012).
A remarkable positive effect of infrastructure development has been adduced by models such as the Cobb-Douglas which yield a median value of 0.30. This means that public investment equivalent to 100% of the public capital stock would lead to a 300% growth of private production (Babatunde, et al, 2012). Investment in infrastructure is therefore among the important mechanisms through which to increase income, employment, productivity, and consequently, the competitiveness of the economy.
Infrastructure development in Nigeria
Nigeria’s economic growth is largely driven by the capital-intensive oil sector which continues to drive the economy. The average growth of this sector was about 8% comparable to -0.35% for the non-oil sectors (NNBS, 2013). Given its limited job creation capacity, focus on this sector has not translated into sufficient jobs resulting in poverty and disenfranchisement of the greater population and, therefore, the country’s low rank in the Human Development Index (HDI) (NNBS, 2013; The Guardian, 2012). In this regard, King, 2003; FMW, 2012 and AEO, 2013; show that economic growth has not translated into sufficient job creation and/or poverty alleviation with unemployment increasing from 21% in 2010 to 24% in 2011 (King, 2003; NNBS, 2013).
The country’s outlook for growth remains positive, though, with an annual economic growth rate of about 8% (KPMG, 2011; NNBS, 2013), and an anticipated GDP growth rate of about 12% in the next five years (NNBS, 2013; AEO, 2013). This outlook pegs its vision 20:2020’s aspiration to achieve a GDP of $900 billion (FMW, 2012; NNBS, 2013) predicated on improved sectoral performance, the propulsion of a better business environment, and supportive government policies focused on stability in the macroeconomic environment and increased investment. This is however challenged by short and medium term downside risks which include security challenges due to religious conflict in some of its states, slowed global economic growth in major economies of the world and the crisis of the Eurozone (Olaseni and Alade, 2012).
There is therefore a great need to diversify the Nigerian economy making it broad-based (both socially and geographically) and to expand the sources of growth. The development of agriculture, manufacturing and services could enable the broadening of growth, creation of employment and reduction of poverty (AEO, 2013). The country is therefore addressing the infrastructure deficit in the country to create linkages and to enable such diversification which would enable inclusive growth (FMW, 2012). Infrastructure made a one percentage point net contribution to the country’s improved per capita growth performance in recent years (NNBS, 2013), notably held back by unreliable power supply (Olaseni and Alade, 2012).
In spite of the obvious importance of infrastructure to the nation, governments both at the national and local levels have continued to pay lip service to the provision of infrastructure (Financial News, 2014). As a consequence, the country’s growth prospect is undermined. The following section offers a glimpse at some of the country’s major infrastructure inadequacies.
Inadequacies in infrastructure development
Urban housing
Lack of proper planning and management of rapid urbanization has led to uncontrolled growth in major cities and towns to accommodate an informal economy which stands at 60-70%. This has had a negative impact on the landscapes of urban centres, leading to decay of inner cities, growth of shanty towns especially in peri-urban areas, consequently limiting their contribution to the national economy being inimical to security and good governance (UN Habitat, 2010).
Transport
Throughout the country, roads are neglected, particularly those connecting major cities, the sea port and commercial centres to the hinterland which are bad and deteriorating. Efforts at repair are often in vain due to the use of substandard materials. Though having the potential to provide a cheaper means of transport, the existing rail network is old and dilapidated, having served half a century after being built by the British colonial government (ADB, 2012). Attempts to procure new coaches or to create new routes have not succeeded. This has fostered the development of a disorganized and unregulated private sector freight and passenger road transport system, which has resulted in traffic congestion in cities, increase in motor accidents, and environmental pollution (UN Habitat, 2010).
Given Nigeria’s endowment of waterways and long stretches of coast with potential for transportation, this option, which could ease congestion on roads and aid easier movements, is neglected and the water ways are left undeveloped. There are only a few canoe and ferry routes which are ill-equipped having no good jetties, harbours, safer boats or ferries. The recently refurbished mini-port at Ikorodu, Lagos State provides relief to commuters going through the Ikorodu-Lagos-Lekki road where they now only cross by ferry to Ajah (Akinyosoye, 2010). This is evidence of potential and should be replicated across the country. Transportation of heavy cargo through waterways can save pressure on roads.
There have been recent attempts to improve/ renovate airports which have for a long time remained in deplorable condition, and to address the challenge of adequate capacity. Travelling by air is still expensive in Nigeria compared to international standards with charter options such as helicopter, cargo and passenger planes largely untapped. Air transport has the exceptional advantage in terms of speed, time of travel and distance considerations. It is also of high value in relation to weight and is preferred when accessibility is a challenge (Akinyosoye, 2010).
Electricity supply
Though it forms a significant avenue for economic empowerment of the people and country as a whole, the power crisis in Nigeria persists. Irregular supply impedes production and manufacturing and consequently some entities have had to relocate leading to loss of employment opportunities (UN Habitat, 2010). The country currently generates 4000MW which is inadequate compared to South Africa’s 34000MW (Olaseni and Alade, 2012). There are however efforts and resources being planned in the medium term towards enhancement of power supply but quite a lot needs to be done given the importance of power in economic development and well-being of citizens who make use of generators for their power requirements (Olaseni and Alade, 2012).
Water supply infrastructure
Population pressure has strained water supply capacity with damaged supply pipes, deteriorating water treatment infrastructure and erratic power supply challenging the supply of safe water to the population. To many, the main sources of water are boreholes, wells, springs, flowing rivers, and brooks whose safety for human consumption is not guaranteed. Poor sanitation and consequent diseases impacts overall health and well-being of citizens and their productivity (UN Habitat, 2010).
Communication
The emergence of cellular phones has revolutionized the public and private business environment, bridging communication gaps that hitherto existed. There has subsequently been a reduction in unproductive business trips and an enhancement of transactions. High prices of service and poor reception, inadequate capacity and coverage however need to be addressed for this aspect to facilitate expected economic growth (Financial News, 2014).
There is obviously greater need for the Nigerian government and constituent states to develop adequate and effective infrastructure. This requires a more strategic approach to tackle its dearth which has been deemed to constrain the required economic development. There needs to be robust strategic planning, strong political will, as well as the right procurement approach to achieve long term success (Akinyosoye, 2010; AEO, 2013).
According to World Bank (2013) estimates, Nigeria’s vision and aspiration to attain middle income status by 2020 requires sustained investment in infrastructure of about $14.2 billion over the next decade which is about 12% of its GDP. The current investment is $5.9 billion (5% of GDP) (NNBS, 2013) falls short. Expenditure on food imports is a significant at $90 billion a year (NNBS, 2013; World Bank, 2013) and is unnecessary given Nigeria’s potential in agriculture, taking up resources that could finance infrastructure development (World Bank, 2013). Reducing this bill requires investment in enabling infrastructure such as rural energy, transport systems, telecommunication and irrigation systems. However, much of Nigeria’s impetus for rural development will derive from investments at the level of the State though such infrastructure run by the State and government is prone to low maintenance and support, hindering efficiency and effectiveness (Olaseni and Alade, 2012).
Current development of public infrastructure is occurring in tandem with a huge expansion of private sector developments, particularly in the property market (ADB, 2012). Continued urbanization and an emerging middle class, as well as a shortfall in quality office space for investor companies are key drivers for this wave of real estate development (KPMG, 2011; FMW, 2012). The success of ambitious infrastructure developments is likely to increase investors’ appetite to expand their operations and capture the anticipated growth, portends significant potential for economic growth (AEO, 2013).
Methodology
Research Philosophy
This study employs a pragmatic philosophy which embraces both positivism in its opening up and confirming valid causal relationships which can therefore be used for prediction; and subjectivism which appreciates the difference between humans as social actors, with varied views of reality, values and knowledge (Creswell, 2002). Focus in this regard is on observable phenomena and their subjective meanings driving applied research integrating different perspectives to help in the interpretation of data.
Study Technique and Strategy
Given the contextual nature of the study and its focus being an attempt to gauge the impact of infrastructure development on Nigeria’s economy, a qualitative inductive approach is deemed to be a suitable approach enabling a detailed exploration of the subject (Quirke, B., 2008). The inductive approach is useful in condensing varied and extensive data into a brief and summarized format while establishing links between research objectives and findings obtained (Saunders et al., 2000). This technique involves the exploration of published literature on the subject including government reports, working papers, as well as journals and other relevant literature.
This research also employs a quantitative technique in the conduct of interviews in a social survey to targeted experts in Nigeria’s development ministry as well as government leaders in sample states. This would enable the acquisition of information on actual infrastructure investment and development, cross-checked to the particular region by local officials towards the realization of study objectives. This would also enable the acquisition of opinions and information on the actual contribution of infrastructure to increased economic activity in the various regions, and/or the enhancement of life which is a precursor to increased productivity.
Practical Implementation
The targeted experts chosen for the survey include random sample of 20 officials in the national Federal Government in charge of oversight of infrastructure development in the country’s 36 Federal States and the administrative areas of the Federal Capital territory and urban councils. This will enable the attainment of a comprehensive view of projects and prospects given that they comprise the control centre for the entire nation, and arebetter placed to notice and to identify increases in economic activity reflected in increase in revenues to Local government areas and urban councils, and tax revenues to the nation state.
This survey will take the form of a structured interview administered by the researcher, a method which ensures consistency of results obtained and answers that can reliably be aggregated. Its format is as appears in Appendix: A comprising both closed- and open-ended questions which afford the research the capability to compare and/or contrast interviewee responses in order to answer the research question (Creswell, 2002).
Analysis approach
Data obtained from interviews will be analysed using SPSS which enables the production of graphs which would enable the study to show correlations between infrastructure development and increase in economic activity (growth in the real sector) which enables evaluation of its actual or potential impact. A wide and extensive exploration of literature, as well as congruence on the ground as assessed by target experts enhances reliability and validity of data obtained (Creswell, 2002). The choice of a representative sample from across the entire country enhances the study’s generalizability and thereofore its capacity to make comprehensive deductions on the subject (Creswell, 2002; Saunders et al., 2000).
Findings showing an increase in economic activities in areas recently served by new or improved infrastructure; entry of medium and large scale investors to locations supported by actual or prospective infrastructure investments; as well as increases in local and federal government revenues signify the contribution of infrastructure investments in increased economic activity engaging the population in the regions and overall expansion in the real sector. These are expected to translate to economic growth and positive future prospects for economic development.
Limitations of study
Assessment of the impact and actual correlation of infrastructure development on economic growth might be a challenge given the length of time with which the utilization of infrastructure translates into tangible economic activity and causes observable effect on the country’s economy.
Economic growth of a country depends on the interplay of several factors including financial deepening, investor confidence, the encouragement of various economic activities, among other socio-cultural and policy factors. The isolation of the contribution of infrastructure development is therefore a challenge and might affect the outcome of this research.
Ethical Considerations
It is imperative in research to ensure that the survey approach and activities do not portend psychological or social harm to interviewees. An initial important and significant step is in ensuring that the researcher seeks informed consent from the particular interviewees and as well from their superiors in departments or other actors whose areas of duty and responsibility may be touched by the inquiry. This would ensure that there are no breaches in confidentiality, and also ensures that interviewees are not put in tight spots and forced to discuss sensitive areas and information which may be of psychological harm.
The researcher should also be keen to note potential language barriers and cultural practices such as cultural gender power disparities that may impede the smooth progress of the interview and which may also negatively impact the interviewees making them feel incompetent or hindered in their participation. In such cases, the researcher should seek support of interpreters and agreeable individuals to help out in the conduct of the interview enhancing comfort and therefore output.
Alongside the above considerations, it is also worthwhile to ensure that time set aside for interviews and other activities such as prior meetings is properly consented to both by management or superiors in the relevant departments in which the interviewers are, as well as by the interviewees themselves. This would ensure that the interviews and related activities do not infringe on official or personal schedules, as well as personal, cultural or religious preferences or obligations. The interviewee should also be informed of their right to answer a particular question or to terminate the interview altogether.
The researcher in this study therefore in the foregoing will endeavour to obtain proper consent for study survey; respect privacy and goodwill of participants by not asking hypersensitive or confidential information; respect cultural norms and individual preferences of interviewees; ensure the confidentiality of data collected protecting it from access by third parties, and, to honestly and accurately report information obtained from the survey, avoiding the identification of interviewees if they wish that their identity be waived.
Conclusion
Reform in Nigeria’s financial sector is inadequate for economic development if the economy is not diversified and if citizens are not engaged in worthwhile economic activity. For the government to achieve this shift there needs to be a focus on infrastructure development, which would encourage private investments, enhance well-being of citizens, reduce existing constraints, and overall increase in economic activity which contribute to economic growth.
Further research is required to clearly show correlations between investment in infrastructure and economic growth and future economic prospects. This would enable its effects to be isolated from among other factors such as financial deepening which are also essential for economic growth and development.
References
African Development Bank, 2012. An Infrastructure Action Plan for Nigeria: Closing the Infrastructure Gap and Accelerating Economic Transformation. ADB Group report
Africa Economic Outlook, 2013. Nigeria Economic Outlook. AEO Report
Akinyosoye, M., 2010. Infrastructure Development in Nigeria: Roadmap to Sustainable Development. Working Paper
Babatunde, O., S., Afees, and O., Olasunkanmi, 2012. “Infrastructure and economic growth in Nigeria: A multivariate Approach.” In: Journal of Business Management and Accounting Vol. 1(3), pp. 030-039, October 2012
Business Newspaper, 2011. PPP as a tool for Infrastructure Development in Nigeria. 20th October; by Dominic Obuzuwa
Creswell, J., 2002. Educational research: Planning, conducting, and evaluating quantitative and qualitative research. Upper Saddle River, NJ: Pearson Education.
Federal Ministry of Works, 2012. Road infrastructure and related development in Nigeria: Compendium report. Viewed from: www.works.gov.ng
Financial News, 2014. Nigeria takes step to develop Infrastructure. Article by Sarah Krouse
Firzli, M., and V., Bazi, 2011. “Infrastructure Investments in an Age of Austerity: The Pension and Sovereign Funds Perspective.” In: Revue Analyse Financiere, volume 41, pp. 34-37.
Foster, V., and C., Briceno-Garmendia, 2010. Africa’s Infrastructure: A time for Transformation. Washington, D.C.: The World Bank.
King, D., 2003. USAID/Nigeria Economic Growth Activities Assessment. Arlington VA: IBM Business Consulting Services
KPMG, 2011. Trends in Global Real Estate: Global Issues and Insights. Viewed from:
http://www.kpmg.com/Global/IssuesAndInsights/ArticlesAndPublications/Pages/Trends-global real estate.aspx
Masha, et al, 2004. “Theoretical Issues in Financial Intermediating Financial Markets, Macro-economic Management and Monetary Policy.” In: Financial Markets in Nigeria, CBN, Abuja.
McKinnon, R., 1973. Money and Capital in Economic Development. Washington, D.C.: The Brookings Institution
Myers, D., 2007. Construction Economics. Wiltshire, Great Britain: Cromwell Press
Nigerian National Bureau of Statistics, 2013. Viewed from: http://www.nigerianstat.gov.ng/
Olaseni, M., and W., Alade, 2012. “Vision 20:2020 and the Challenges of Infrastructure Development in Nigeria.” In: Journal of Sustainable Development Vol.5, No 2(2012)
Patunola-Ajayi, B., 2013. Infrastructure Development and Economic Empowerment in Nigeria. The Nigeria Institution of Estate Surveyors and Valuers. NIESV
Quirke, B., 2008. Making the connections: Using qualitative research to make research work, 2nd ed., Hampshire: Gower Publishing Ltd.
Saunders, M., P., Lewis, and A., Thornhill, 2000. Research Methods for Business Students, 2nd edition, London: Pitman Publishing
Shaw, E., 1973. Financial Deepening In Economic Development. New York. Oxford University press
The Guardian, 2012. Roads and Rail in Nigeria could be at the centre of Job creation. January 24
UN Habitat, 2010. Nigeria: Country Programme Document (2008-2009). United Nations Human Settlements Programme
Wilhelm, T., 2010. EDC Nigeria Economics [online]. Viewed from: http://www.edc.ca/english/docs/gnigeria_e.pdf
World Bank, 2010. Infrastructure at the crossroads: lessons from 20 years of World Bank experience. Washington DC: The International Bank for Reconstruction and Development / the World Bank
World Bank, 2013. The World Bank Economic Report for Nigeria. WB
World Economic Forum, 2010. The Global Competitiveness Report 2010–2011. Geneva: World Economic Forum

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Future

Modern and Future Management

Nowadays, there are a lot of reasons why information technology has turn out to be so widespread and there are no signs that these reasons will fade away any time soon. The processing power and storage capacities of semiconductor devices, which are the elements of information technology, have been doubling every eighteen months for the past thirty years. Simultaneously, prices have continued to drop off. This denotes that information technology, which can be programmed to do almost anything, has become rooted in various kinds of organizational and physical systems.
IT products have developed into commodity items. General-purpose semiconductor devices, for example the microprocessor, can now be used for millions of numerous reasons, resulting to economies of scale. These devices are much more dependable than the mechanical, vacuum tube, and transistor devices that they take the place of. They enhance value to the products in which they are used, and they lessen the call for human users to do hazardous or tedious tasks.
Enormous developments over the past decade in the connectedness of computers and in human-machine interfaces have driven new uses. It seems as if information technology will be a progressively more significant part of the U. S. national economy for many years in store. Information technology is an extensive subject related to technology and other features of managing and processing information, particularly in big organizations. Above all, IT copes with the use of electronic computers and computer software to convert, collect, protect, sort out, convey, and retrieve information.

Accordingly, computer professionals are often named IT specialists, and the division of a company or university that copes up with software technology is often termed as the IT department. Further names for the latter are information services (IS) or management information services (MIS), managed service providers (MSP). In the United Kingdom educational structure, information technology was officially included into the school curriculum when the National Curriculum was worked out. It was promptly recognized that the work covered was helpful in all subjects.
Also read about importance of commerce in moderm world
With the influx of the internet and the broadband connections to all schools, the application of IT education, skills and knowledge in all subjects became an actuality. This transformation in importance has led to a modification of name from Information Technology (IT) to Information and Communication Technology (ICT). ICT in Education can be acknowledged as the application of digital equipment to all facets of teaching and learning. Almost all schools have IT included in their curriculum and it is of promising influence.
One significant aspect of Information Technology is the Telecommunications industry. Telecommunications are devices and systems that communicate electronic or optical signals across long distances. Telecommunications allows people globally to get in touch with one another, to retrieve information right away, and to be in contact from remote areas. At present this process practically always entails the sending of electromagnetic waves by electronic transmitters although in earlier years it may have required the use of smoke signals, drums or semaphores (Ambardar, 1999).
Nowadays, telecommunication is prevalent and devices that help the process like the television, radio and telephone are ordinary in many parts of the world. There is also a immeasurable range of networks that link these devices, as well as computer networks, public telephone networks, radio networks and television networks. Computers ‘conversing’ across the Internet is just one of the numerous scenarios of telecommunication. Telecommunications generally requires a sender of information and one or more recipients connected by a technology, like a telephone system, that conveys information from one place to another.
The essential building blocks of a telecommunication system are a transmitter that acquires information and translates it to a signal for transmission, a channel over which the signal is sent out and a receiver that picks up and converts the signal back into functional information. Telecommunications devices translate various types of information, like the sound and video, into electronic or optical signals. Electronic signals normally pass through along a channel such as copper wire or are transmitted over the air as radio waves. Optical signals usually pass through along a channel such as strands of glass fibers.
When a signal gets to its destination, the device on the receiving end translates the signal back into an comprehensible message, for example sound over a telephone, moving images on a television, or words and pictures on a computer screen. Telecommunications messages can be transmitted in a numerous ways and by a broad range of devices. The messages can be conveyed from one sender to a single receiver (point-to-point) or from one sender to many receivers (point-to-multipoint). Personal communications, like a telephone conversation between two people or a facsimile (fax) message, generally entail point-to-point transmission.
Point-to-multipoint telecommunications, often named broadcasts, present the foundation for commercial radio and television programming. Figure 1 How Telecommunications work Communicating over long distances has been an experiment all through history (Haykin, 2001). In earliest times, runners were used to transport significant messages between rulers or other key people. Other types of long-distance communication consisted of smoke signals, chains of searchlights and flags to convey a message from one tower to another, carrier pigeons, and horses.
Drums were used by inhabitants in Africa, New Guinea and tropical America while smoke signals were used by citizens in America and China. Opposing to what one might think, these systems were often used to do more than just broadcast the presence of a camp. Modern telecommunications started in the 1800s with the breakthrough that electricity can be used to send out a signal. For the first time, a signal could be transmitted faster than any other means of transportation. The first practical telecommunications apparatus to make use of this discovery was the telegraph.
Starting in the mid-1800s, the telegraph transported the first intercity, transcontinental, and transoceanic messages in the world. The telegraph transformed the way people communicated by giving out messages faster than any other method presented at the time. American art professor Samuel F. B. Morse took up an interest in electromagnetism to invent a practical electromagnetic telegraph in 1837. Morse partnered with Alfred Vail and was able to commercialize the technology with financial assistance from the U. S. government. In 1843 Morse developed a demonstration telegraph connection between Washington, D. C. , and Baltimore, Maryland.
On May 24, 1844, the network was launched for commercial use with the message, “What hath God wrought! ” Telegraph use rapidly unfold; the first transcontinental connection was finished in 1861 between San Francisco, California, and Washington, D. C. Railroad companies and newspapers were the first major telegraphy users. Telegraph lines were created similar to railroad beds. Telegraphy assisted the railroads handle traffic and permitted news organizations to deliver stories instantly to local newspapers. In a few years, a number of telegraph companies were operational, each with its own network of telegraph wires.
Consolidation happened in the telegraph industry and by the 1870s the Western Union Telegraph Company came out as the leading operator. In 1876 American inventor Alexander Graham Bell led in a new age of voice and sound telecommunication when he articulated to his assistant the words, “Mr. Watson, come here; I want you,” using a prototype telephone. Bell established the patent for the first telephone, but he had to battle several legal challenges to his patent from other inventors with comparable devices. Bell was able to make his prototype telephone work out, and this allowed him to draw financial supporters, and his company developed.
The telephone was an enormous development over the telegraph system, which could only communicate coded words and numbers, not the sound of a human voice. Telegraph messages had to be decoded by trained operators, written down, and then transported to the receiving party, all of which consumed much time. The telephone conveyed actual sound messages and created telecommunication instant. Enhanced switching technology (used to transfer calls from one local network to another) suggested individual telephones could be linked for personal conversations. The first commercial telephone line was set up in Boston, Massachusetts, in 1877.
Early telephones called for direct links to other telephones, but this difficulty was resolved with telephone exchange switches, the first of which was set up in New Haven, Connecticut, in 1878. A telephone exchange connected telephones in a particular area together, so a link between the telephone and the exchange was all that was required. Telephones were much more suitable and personal than telegrams, and their use instantly extended. Finally, long-distance telephone service in the United States was merged into one company, the American Telephone and Telegraph Company (now known as AT;T Corp.
), which was a controlled domination. Italian inventor and electrical engineer Guglielmo Marconi communicated a Morse-code telegraph signal by means of radio in 1895. This started a revolution in wireless telegraphy that would afterward lead to broadcast radios that could put on the air actual voice and music. Radio and wireless telegraph communication played a significant role during World War I (1914-1918), letting military personnel to converse at once with troops in distant locations. Television got its inception as a mass-communication channel soon after World War II (1939-1945).
The cost of television transmission disallowed its use as a two-way medium, however radio broadcasters immediately saw the possibility for television to offer a new way of conveying news and entertainment programming to people. Transformations in technology, government regulation, and market conditions carry on changing the telecommunications industry. While voice telephone communication was formerly the main service of the industry, the transmission of an array of information, consisting of data, graphics, and video, is now ordinary.
The extensive installation of fiber optic cables, which convey light signals along glass strands, allows faster, higher capacity transmissions than those probable with traditional copper wire lines. Additionally, networks of radio towers offers wireless telecommunications services (Dodd, 1996). Modifications in government regulation presented competition into an industry that was once conquered by a particular company. Competition from outside the industry improved as cable companies and public utilities extended their own communications networks.
In the late 1990s, the evolution of the Internet, progress in a range of technologies, the deregulation of the telecommunications industry, and prompt increases in demand for telecommunications services facilitated promote swift advancement. As a result, a lot of new competitors came in the markets and made further transmission capacity. The substantial investments in additional capacity by new competitors and existing companies ultimately made supply to considerably exceed demand, leading to much lower prices for transmission capacity.
The surplus and added competition brought about either decreasing revenues or reducing revenue growth, which affected lots of companies to cut employment. The main division of the telecommunications industry is telephone communications. Organizations in this division run both wireline and wireless networks. Wireline networks use wires and cables to link customers’ sites to central offices sustained by telecommunications companies. Central offices control switching equipment that transmits content to its final destination or to another switching center.
For instance, switching equipment may direct local telephone calls straight from the central office to their final destination; long-distance calls are directed to larger switching centers that establish the most effective route for the call to take. Voice telephone communications have long been the main service presented by telephone companies. With the growing popularity of the Internet, though, customers progressively use their telephone service to pass on data and other electronic materials. The communication of such content depends on digital technologies that use telecommunications networks more effectively than do regular systems.
Digital signals contain separate pieces of electronic code that can be broken apart in transmission and then reassembled at the destination. Telecommunications providers have created networks of computerized switching equipment, named packet switched networks, to direct digital signals. Packet switches break the signals into small sections or “packets” and supply each with the essential routing information (Metcalfe ; Boggs, 1996). Sections may take different courses to their destination and may share the paths with packets from other users.
At the destination, the sections are reassembled, and the transmission is finish. Since packet switching takes into account alternative routes, and lets multiple transmissions to share the same route, it gives rise to a more effective use of telecommunications capacity. Voice communications are usually split up and reassembled by telecommunications companies’ switching and routing equipment. An progressively more popular alternative for businesses, which should ultimately become more ordinary in residential communications, is identified as Voice over Internet Protocol (VoIP).
VoIP splits up the conversation into packets in the telephone, communicating the conversation over the Internet. The telephone has an Internet address at which it receives and reassembles packets into voice communications. Revolution in technology and regulation now permit cable and satellite television providers to contend with telephone companies. An imperative change has been the speedy increase in two-way communications capacity. Conventional pay television services offered communications only from the distributor to the customer.
These services could not give efficient communications from the customer back to other points in the system, owing to signal obstruction and the restricted capacity of conventional cable systems. Cable operators implemented new technologies to decrease signal obstruction or interference. The capacity of distribution systems also has improved, as a result of the installation of fiber optic cables and enhanced data compression. Accordingly, some pay television systems now present two-way telecommunications services, such as telephone service and high-speed Internet access.
The expensive cost of creating cable telephony systems has restricted growth. New technologies being created to cut down construction costs should facilitate combat this problem. Also, satellite-based systems have been through rapid development, with more than 19 million subscribers in 2002. The progress of the satellite subscription industry develops from numerous factors. Prices for mini-dish subscriptions have declined considerably, and are now competitive with cable. Moreover, regulatory changes permitted satellite services to start carrying local network channels. Currently, satellite services have started offering Internet access.
Personal computers have pushed the restrictions of the telephone system as more and more complex computer messages are being conveyed over telephone lines, and at speedily increasing speeds. This must for speed has pushed the growth of digital transmission technology. The increasing use of personal computers for telecommunications has fueled the call for improvements in fiber-optic technology. Modern technologies and inter-modal competition among providers have influenced the way we communicate. However, these same technologies have exposed the door to new types of consumer fraud, like slamming, cramming, and modem hijacking.
Thus, an organization that oversees that competitors treat each other justly and that all service providers deal with consumers justly, within the bounds of the law must be created (Macey, 2005). The telecommunications industry presents steady, continual employment. Overtime at times is necessary, particularly in emergencies, for instance floods or hurricanes when employees may have to show up to work with little announcement. The telecommunications industry had given 1. 2 million wage and salary jobs in 2002. The majority of telecommunications employees operate in large establishments.
Sixty-four percent of employment is in establishments with 100 or more employees (chart 1). With continuing deregulation, though, the number of small contractors has been escalating. Telecommunications jobs are found in nearly every community; however, most employees work in cities that have considerable concentrations of industrial and business establishments. Even though the telecommunications industry uses workers in several different occupations, 56 percent of all workers are employed in either office and administrative support occupations or installation, maintenance, and repair occupations.
Of the industry’s employees, fourteen percent are professional workers. Several of these are scientific and technical personnel, particularly engineers and computer specialists. Engineers plan cable and microwave routes, central office and PBX equipment installations, and the development of existing structures, and resolve other engineering troubles. A number of engineers also take part in research and development of new equipment. Several concentrate in telecommunications design or voice, video, or data communications systems, and integrate communications equipment with computer networks.
They work directly with clients, who may not appreciate complicated communications systems, and design systems that meet their customers’ desires. Computer software engineers and network systems and data communications analysts plan, work out, test, and debug software products. These consist of computer-assisted engineering programs for schematic cabling projects; modeling programs for cellular and satellite systems; and programs for telephone options, examples are voice mail, e-mail, and call waiting.
Telecommunications specialists organize the installation of these systems and may offer follow-up maintenance and training. Additionally, the industry employs several other managerial, professional, and technical workers, such as financial information and record clerks; accountants and auditors; human resources, training, and labor relations managers; engineering technicians; and computer programmers. Of the industry’s employees, fourteen percent are in sales and related occupations.
These workers advertise or sell telecommunications services, such as long-distance service, personal answering services, voice mail, e-mail, and call-waiting telephone options. Latest occupational specialties have materialized anchored in the industry’s innovations and new technologies. For instance, some engineers research, design, and build up gas lasers and related equipment required to send messages by way of fiber optic cable transmission. They examine the restrictions and uses of lasers and fiber optics; discover new applications for them; and supervise the building, testing, and operations of the new applications.
Owing to the speedy establishment of new technologies and services, the telecommunications industry is among the most fast changing in the economy. This signifies that workers must maintain their job skills advanced or up to date. From managers to communications equipment operators, improved information of both computer hardware and software is of supreme significance. Numerous key companies and the telecommunications unions have formed a Web site that offers free training for employees, facilitating them to keep their knowledge modern and assisting them to move ahead.
Telecommunications industry employers now seek workers with knowledge of and skills in computer programming and software design; voice telephone technology, known as telephony; laser and fiber optic technology; wireless technology; and data compression. Individuals with sales capability improved by interpersonal skills and learning of telecommunications terminology also are wanted (Negroponte, 1996). Employment in the telecommunications industry is anticipated to increase by 7 percent over the 2002-12 periods, fairly less than the 16 percent expected for all industries combined.
At present, excess transmission capacity and significant debt among telecommunications firms ought to regulate employment. Nevertheless, increasing demand for telecommunications services will in the long run bring about a continuation of job growth in the industry. Upsurge in both residential and business demand for high-capacity communications will in due course make possible upgrades of telecommunications networks. Fast increasing wireless demand, and the creation of a new generation of wireless systems, will improve the wireless portion of the industry.
Then again, technological advancements, such as fiber optic lines and advanced switching equipment, have extremely increased the data transmission capacity of telecommunications networks, and the ensuing productivity gains have narrowed employment growth. Individuals with state-of-the-art technical skills ought to have the best employment opportunities. Residential demand will boost as technology and competition reduce the price of premium services, like the high-speed Internet access, video-on-demand, and wireless telephone service.
The reduced prices due to growing capacity and competition will carry on limiting revenues, cutting employment growth. Demand in addition, will intensify since deregulation has permitted providers to present combined services, making it easier for households to get hold of a wide selection of telecommunications services. Wireless carriers are competing directly with the residential service business, offering progressively more dependable cellular service and Internet service. Hence, the lines between cable and satellite TV, wireless, and wireline telephone systems will become unclear.
Business demand will go up as companies increasingly depend on their telecommunications systems to carry out electronic commerce. So as to continue being competitive, businesses will necessitate higher speed access to the Internet for a variety of reasons consisting of purchasing, marketing, sales, and customer service, however the growing demand will not give rise to considerable employment gains. Several employment losses will stem from enhanced laborsaving technologies, like the self-monitoring equipment, and from layoffs by reason of mergers and consolidation in the deregulated industry.
Technology will persist to change the industry. The installation and advancement of fiber optic networks will convey ever-faster communications closer to residential customers. Internet telephony, which conveys voice, video, fax, and e-mail communications over the Internet, will haze the boundaries between telecommunications providers and Internet service providers. Wireless providers will keep on enhancing the capacity of their radio networks and bringing in enhanced portable, lightweight devices capable of transmitting voice, data, and video.
Convergence of telecommunications technologies may also set off a transformation in the kind of content accessible. Both television and personal computers are expected to add in new multimedia, interactive, and digital features. Yet, in the near term, before the actualization of a fully digital telecommunications world, devices such as modems will still be required to give an important link between the old analog world and the upcoming digital one.
Works Cited
Ambardar, A. (1999). Analog and Digital Signal Processing, (2nd ed, pp. 1-2). California: Brooks/Cole Publishing Company. Dodd, A. Z. (1996).The Essential Guide to Telecommunications. New Jersey: Prentice Hall. Haykin, S. (2001). Communication Systems. (4th edition, pp 1-3). New Jersey: John Wiley ; Sons. Macey, S. L. (2005). Telecommunications in Indiana: Where we are, How we got here and Where Should we Go?. Indianapolis: Indiana Office of Utility Consumer Counselor Retrieved May 30, 2006, from www. in. gov/oucc/pdf/DeregulationReport2005. pdf Metcalfe, R. M. , ; Boggs, D. R. ( 1996 July). Ethernet: Distributed Packet Switching for Local Computer Networks. Communications of the ACM 395(19), 5. Negroponte, N. (1996). Being Digital. UK: Vintage.