This paper provides conceptual insights on the economic impact of project cost overrun and schedule delays on infrastructure procurement in developing countries with huge infrastructure deficit in Sub-Saharan Africa. Projects cost overruns and schedule delay are a major and widespread problem in infrastructure procurement the world over. It has received a lot of attention in the recent past. However, the literature reveals that extant studies on project overruns are heavily skewed towards causative factors, with little or no attention to the effects it has on the economy as a whole. The paucity of studies on the effects of project cost overrun and schedule delay will further reinforce the imperative to reacquaint policymakers and infrastructure developers, as well as project financiers with the gravity and import of the problem for infrastructural development in particular and the wider economy in general. The study undertakes an exploratory approach drawing from a wide range of secondary information and materials obtained from policy documents, study reports and peer-reviewed articles. The findings show that cost overrun and schedule delay in infrastructure procurement can have a damaging economic effect ranging from allocative inefficiency of scarce resources, further delays, contractual disputes, claims and litigation to project failure and total abandonment. The study recommends project management capacity-building for infrastructure developers, project managers as well as a number of innovative control mechanisms such as reference class forecasting, public-private partnership and computer-aided cost estimating tools including artificial neural networks, data mining, building information modelling as well as fuzzy neural inference model, genetic algorithms, and stochastic simulation to curb the menace of the problem.
The scale of diffusion of mobile wireless broadband technology and its transformational effect across all sectors of the economy cannot be over emphasised. It enables the creation of new business processes/product innovation, thereby boosting job creation, as well as raising economic growth and productivity. This suggests that the mobile broadband is a general-purpose technology capable of producing a protracted critical mass effect at a certain threshold of penetration. It is against this backdrop that this paper examines the impact of mobile broadband on economic growth in Nigeria. Using the Endogenous Growth Model, we employ ARDL Bounds Testing Approach and Toda Yamamoto Granger Causality test on quarterly data from 2001 to 2016, to estimate the growth effect of mobile broadband. The findings show that mobile broadband is impacting economic growth positively in the Nigerian economy. It is therefore imperative for policymakers to design policies that will increase access to broadband infrastructure to both the unserved and underserved. It is also imperative to enact policies and regulations that can stimulate the economic impact of mobile broadband technology by strengthening the capacity of the economy to fully absorb the transformational benefits and make productive use of it as a General-Purpose Technology.
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