A STUDY OF CHOSEN LOCALLY OWNED SHIPPING COMPANIES CONCERNING THE IMPACT OF THE CABOTAGE ACT ON LOCAL CAPACITY DEVELOPMENT
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- NGN 3000
BACKGROUND
According to the findings of Ekwenna's (2017) Fleet Expansion Feasibility Study, he discovered that more than 80 percent (by weight) of all worldwide sea-borne trade is dependent on merchant ships for transportation. Ocean transport was absolutely necessary to the functioning of the global economy in the '90s. Since the dawn of time, international economic integration has been steadily progressing thanks to the backing of maritime transport (Nwokedi, 2021). In order to generate demand for ships, the commerce in question must take place on the high seas, and the larger the distance over which a commodity is transported, the higher the need for ships in that trade. Therefore, the pattern of global trade is the most important factor in determining the need for shipping activity. Ship owners frequently refer to the tonne-mile demand (one tonne of cargo transported in one mile) in this context. The tonne-mile demand is the amount of cargo that can be moved in one mile (Udeh, 2021).
There are currently more than four billion tonnes of goods transported by ships each year, and the total yearly tonne-miles have surpassed 19 trillion (Owolabi, 2022). Data on cargo throughput and traffic statistics of the Nigerian Ports Authority (NPA), in Abstract of Port Statistics, 1997-99; Fleet Expansion Feasibility Study by Ekwenna 2003) show that the shipping market in Nigeria (including crude oil) accounts for approximately 596 billion tone-miles, which is approximately 3.1 percent of the world total. Despite this, the shipping market in Nigeria plays a very significant role in the economy of the country.
The United Nations Conference on Trade and Development (UNCTAD, 1977), in recognition of this fact, has indicated that encouraging national investment in shipping should be encouraged as a means of conserving foreign exchange or increasing the invisible earning of developing nations with an export/import potential. This is because where national investment in shipping can be economically justified, it should be encouraged as a means of conserving foreign exchange. Earnings in foreign currency from participation in international marine trade are an important contributor to the economic growth of developing nations like Nigeria (Udeh, 2021).
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