The Role of Information in Economic Planning: A Pathway to Sustainable Growth

The study examines the role of information in strategic economic planning as a pathway to sustainable growth in Nigeria. Annual data on GDP growth, the Human Development Index (HDI), internet access rates (serving as a proxy for information accessibility), interest rate spread (as a measure of fiscal policy efficiency), institutional quality, foreign direct investment (FDI), and inflation were obtained from reputable sources such as the World Bank and CBN for the period 1990 to 2023. The study employs the Autoregressive Distributed Lag (ARDL) model to analyze both short-run and long-run relationships among these variables. The Bounds Test for Cointegration was applied to confirm the existence of a long-run equilibrium, and an Error Correction Model (ECM) was used to assess the speed of adjustment toward this equilibrium. The findings revealed that improved information accessibility, evidenced by increased internet penetration significantly boosts GDP growth, underscoring the importance of digital infrastructure in enhancing economic productivity. Fiscal policy effectiveness, as measured by the interest rate spread, and robust institutional quality further contribute to positive economic outcomes, while high inflation rates are found to erode the real value of investments, ultimately hampering sustainable growth. Additionally, although FDI exhibits short-run challenges, its longrun impact is positive, suggesting that foreign capital inflows play a vital role in supporting long-term economic expansion and human development. Based on these results, the study recommends that policymakers prioritize expanding digital connectivity, strengthening institutional frameworks, and adopting robust monetary and fiscal policies to control inflation. Such integrated policy measures are essential to optimize strategic economic planning, ensuring that Nigeria achieves sustainable growth and improved human development outcomes.

Keywords: Information Accessibility, Strategic Economic Planning, Sustainable Economic Growth, GDP, HDI, ARDL, FDI, Inflation, Nigeria.