Assessment of the Economic Benefits of Smart City Initiatives
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Abstract:
ABSTRACT
Background of study: This article looked into the economic benefits of smart city initiatives, with a focus on how these projects contribute to economic development through job creation, cost savings, and foreign investment attraction.
Aims and scope of paper: The study highlights key factors that drive economic success, such as smart energy management and governance, while also addressing the challenges faced by developing regions, including funding constraints and skills shortages. Comparative analysis emphasizes regional differences but confirms that economic benefits can be realized across diverse urban settings. The study contributes to the broader scope of smart city research by providing an extensive view that includes less-studied regions and integrating multidimensional economic impacts.
Methods: Utilizing both qualitative and quantitative methods, the research explores patterns and relationships between smart city initiatives and economic indicators across various contexts, including African cities with the aid of regression and thematic analysis.
Result: Findings reveal that smart city projects lead to significant economic gains by enhancing efficiency, creating job opportunities, and drawing foreign direct investment (FDI).
Conclusion: However, limitations such as data consistency and the focus on specific economic indicators are noted. The research concludes with recommendations for urban planners and policymakers to implement inclusive strategies that increase the economic benefits of smart city projects and support sustainable development.
Keywords: African Cities, Economic Development, Foreign Direct Investment, Job Creation, Smart City Initiatives
Copyright (c) 2025 Jamiu Adeniyi Yusuf, Abdullahi Taiwo Abdulrazaq
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
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