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- Title
THE PLACE OF FIRMS INVESTMENT IN AGGLOMERATION ECONOMIES AMONGST INDUSTRIES IN THE LAGOS REGION, NIGERIA.
- Authors
FAGBOHUNKA, A.; FATUSIN, A. F.
- Abstract
This paper underscores the place of firms' investment in agglomeration economies in the Lagos region, Nigeria. The first stage in the collection of primary data involves the reconnaissance survey of the study area, while the second stage involves the administration of guestionnaire to 103 firms in the twelve industrial estates of the region. All the firms identified during the reconnaissance survey were successfully covered. The paper revealed that majority of the firms invested above two hundred million naira in their plants. Agglomeration economies enjoyed include; power supply economies, transport economies, research and development economies and labour economies among others. The canonical correlation analysis carried out to test the influence of firms investment on the degree of agglomeration economies enjoyed amongst firms was significant, the analysis revealed F-value 3.2045 and the tabulated F-value 2.70. Result revealed that firms' investments led to the use of improved technology, increased capacity utilization, acguisition of adeguate and right personnel (labour), increased output, and realisation of more economies. The contribution of firm's investment to agglomeration economies has positively boosted the local economy. The study recommends that governments have an important role to play in encouraging small, medium and large scale enterprises. This could be achieved by given tax holiday to start-up investors, relaxation of the laws governing the importation of raw materials. A financial assistance inform of loan should be given to interested investors, while the collateral securities should be affordable.
- Subjects
LAGOS (Nigeria); ECONOMIES of agglomeration; INDUSTRIAL clusters; INVESTMENT management; POWER resources &; economics; RAW materials; INTERNATIONAL trade
- Publication
Ethiopian Journal of Environmental Studies & Management, 2015, Vol 8, p759
- ISSN
1998-0507
- Publication type
Article
- DOI
10.4314/ejesm.v8i1.3S