Econometrics Analysis on Significant of Transportation Sector to the Nation Gross Domestic Product (GDP)
Publication Date: 23/08/2022
Author(s): Oladimeji Olanrewaju Adedipupo, Oseni Bolanle Azeez, Awoleye Gabriel Oladayo, Fasasi Sarafa Kayode.
Volume/Issue: Volume 5 , Issue 3 (2022)
Abstract:
This research work centered on econometrics analysis on significance of transportation sector to the Nation Gross Domestic Product (GDP) in Nigeria economic. The aim of this research work is to test for significance of transportation sector to the Nation Gross Domestic Product. The literature review explains extensively on the important of using econometrics to carry out this research and why is desirable to fit the model. The methodology employs the use of multiple regression analysis, test of parameter and coefficient of determination. The road, sea, rail and air transportation are useful in predicting the value of Gross Domestic Product. The value of R-square show that combination of RT, ST, RailT and AT explain variation in GDP which is significantly implies that the four variables are important in GDP and the Sea transportation contribute majorly to the nation Gross Domestic Product. Testing the significant of the parameter, it is observed that there is presence of multicollinearity, heteroscedascity and autocorrelation and necessary correction are made on them.
Keywords:
Gross Domestic Product, Transportation, Road Transportation, Air Transportation, Sea Transportation, Rail Transportation
