ASPECTOS LEGALES.

The majority of the studies on this topic focused on the individual impact of infrastructure and human capital development on economic growth. The most recent work that investigated the interaction between infrastructure and human capital development on economic growth is credited to Tsaurai and Ndou (2017). They investigated the individual impact of infrastructure and human capital development on economic growth in transitional economies. He also explored whether the interaction between infrastructural and human capital development enhanced economic growth in transitional economies. The study mainly used a dynamic panel generalised methods of moments (GMM) approach by Arellano and Bond (1995), a framework that takes into account the dynamic nature of economic growth data and addresses the endogeneity issues normally associated with economic growth regression functions. Panel data analysis approaches such as pooled ordinary least squares (OLS), and fixed and random effects were also used for comparison purposes and robustness tests. According to the dynamic GMM framework, the interaction between infrastructure and human capital development improved economic growth in transitional economies, in line with theoretical and empirical predictions. Random effects and pooled OLS show that the interaction between infrastructural and human capital development had a negative effect on economic growth, whilst according to the fixed effects approach, the interaction between these two variables had an insignificant positive influence on economic growth in transitional economies. Considering that the results from a dynamic panel GMM are considered to

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be more accurate due to the approach’s ability to address the endogeneity problem and the dynamic nature of economic growth data, the current study recommends that transitional economies should implement policies that improve human capital development in order to enhance infrastructural development’s ability to influence economic growth.

Uda and Ebi (2017) investigated the impact of the interaction between infrastructure and human capital on industrialization in Nigeria using time series data from 1970 to 2014 using the ordinary least squares (OLS) estimation technique. The parsimonious results suggested that gross domestic investment, electricity supply, and trade openness are the required elements to accelerate the pace of industrialization in Nigeria. This implied that providing an adequate and stable supply of electricity, deepening public and private investments as well as opening the economy to the vagaries of international trade has short and long-termed lasting effects on industrial development. The policy perspective is that government should prioritize the generation and distribution of electricity, increase the quantum of investments in road infrastructure, and opening of the economy in order to accelerate the pace of industrialization in Nigeria.

Anochiwa and Maduka (2014) examined the individual role of human capital and infrastructure on economic growth in Nigeria within a cointegration and error-correction modeling framework during the period 1970-2010. Human capital is found to be positive and statistically significant to growth. The infrastructure variable (electricity) is positive but statistically insignificant. The study recommended the formulation of economic policies that favour human capital and infrastructure development in Nigeria.

Seidu, Young, Robinson, and Ryan (2020) examined how infrastructure funding impacted economic growth and how best the UK could maximize the potential by building on existing work. The research method was based on interviews carried out with respondents involved in infrastructure operating across various sectors. The findings showed that investment in infrastructure was vital in the UK as it stimulated economic growth through employment creation due to factor productivity. However, investment needed to be directed to regional opportunity areas with the potential to unlock economic growth and maximize returns whilst stimulating further growth to benefit other regions.

There was also a need for policy consistency and to review UK infrastructure policy to streamline the process and to reduce cost and time overrun, with Brexit likely to impact negatively on infrastructure investment.

Ebu, Ezike, Shitile, Smith, and Haruna (2019) re-examined the link between infrastructure development and output growth in Nigeria for policy formulation and implementation. They employed the Granger causality test based on the time series vector error correction model (VECM) to reinvestigate the nexus between infrastructure investment and economic growth in Nigeria, using quarterly data from 1997:Q1 to 2017:Q4. The study accepted the infrastructure–growth hypothesis that increased financial infrastructure and infrastructure stock stimulate growth in Nigeria. It was recommended that economic policy should be formulated to improve the physical infrastructure as well as human capital formation for sustainable economic growth.

Ighodaro (2019) considered electricity, ICT infrastructure and their growth impact on Gambia, Ghana, and Nigeria for the period 1990 and 2017. There were mixed results

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among the variants of ICT infrastructure used. The negative impact of access to electricity on economic growth of Nigeria may have a spillover effect to the other West African countries in the estimation and a two-way effect on economic growth. It was recommended that government should ensure that the bottleneck and corruption in the electricity sector be controlled. Internet usage should be encouraged through price reduction in all the countries except the Gambia where internet usage has a negative link with economic growth.

Ogbaro and Omotoso (2017) examined the role of infrastructure development in promoting economic growth in Nigeria over the period 1980-2015. The study found positive and significant effects of total air transport infrastructure, communication infrastructure, power, and total rail lines on economic growth with estimated elasticities of 0.035, 0.016, 0.141, and 0.132, respectively. The study recommended that it would be worthwhile for the Nigerian government and policymakers to implement policies geared towards the development of infrastructure. It also recommended Public-Private Partnership in infrastructure development to accelerate economic growth.

Kaupa (2015) studied the effect of water supply infrastructure and electricity infrastructure on economic growth in South Sumatera province analysing time series data from year 2001 to 2013. The result provided clear evidence that electricity infrastructure and water supply infrastructure were significant and both positively affect per capita output in the province. On the other hand, road infrastructure did not show any significant impact on growth. Overall, the results were consistent with the widely-accepted idea in policy research that infrastructure plays an important role in promoting growth. It was recommended that infrastructure investment should be promoted to enhance growth in South Sumatera province.

In the same vein, Usman and Adeyinka (2019) examined the random effect of human capital development on the economic growth of ECOWAS member states for the period of thirty-seven years; 1980-2016. The finding revealed that human capital development had an effect on economic growth in the ECOWAS region. It was recommended that ECOWAS governments should devour to make economic policies that favour human capital development to accelerate the growth of the region.

Essang (2018) investigated the impacts of ICT and human capital on economic growth in the ECOWAS sub-region. The study employed fixed-effect model in analyzing annual panel data set on fourteen ECOWAS countries from 1985 to 2012. The findings of the study showed that ICT and human development indices had a significant positive effect on economic growth in ECOWAS. The study recommended that education must be taken more and more seriously as well as the health conditions of people or workers as this would have a greater positive effect on economic growth in ECOWAS. It further recommended that human development index should be backed by the development in ICT to meet up with the contemporary world demand.

Boztosun, Aksoylu and Ulucak (2016) examined the basic approaches to human capital and further investigated the relationships between human capital and economic growth.

The study analyzed time series data with cointegration and causality tests by using the data of Turkey for the period 1961-2011. The findings revealed a dual causality

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relationship between human capital and economic growth variables. It was recommended that human capital variable should be improved to enhance economic growth in Turkey.

Pelinescu (2015) investigated the impact of human capital on economic growth in the European Union (EU). The study estimated a panel data set stretching from 2000 to 2012 using pooled ordinary least squares (POLS). The empirical findings showed a statistically significant positive relationship between GDP per capita and innovative capacity of human capita and qualification of employees as expected according to economic theory.

Unexpectedly, education expenditure had a negative influence on GDP per capita. The study recommended that innovative capacity of human capita and qualification of employees be enhanced to boost GDP per capital growth.

Anyanwu, Abam, Obi and Yelwa (2015) examined the impact of human capital development on economic growth in Nigeria. Using ARDL estimation framework, time-series data which covered the period 1981-2010 was analysed. The findings showed that human capital development indicators had a positive impact on economic growth in Nigeria within the reviewed periods. Further evidence indicated that equilibrium was fully restored for any distortion in the short run. Based on the findings, the study recommended that the government should invest more in human capital development process in Nigeria.