THE CONTRIBUTIONS OF SHIPPING INDUSTRY TO THE DEVELOPMENT OF NIGERIAN ECONOMY
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ABSTRACT
It is imperative to explore avenues that exert impact on the citizenry of Nigeria Vis-à-vis an improvement material per capita income, hence, improved material income and standard of living. Shipping as a capital and/or Inland water trade has tremendous impact on the nation’s economy of which the study is aimed at exploring through cargo reservation, transportation and haulage of wet and dry cargo within and outside the Nigerian waterways. The study will invariably invoke, recreate and set in motion the impact and economic opportunities of the Nigerian shipping sector for possible investment by public or private sector, or a combination. The investment climate in Nigerian Shipping Industry is guided by the current National economic development policy which is aimed at promoting strong private sector driven industry with government as the enabler. Nigeria looses a lot of revenue due largely to lack of cargo carrying capacity of Nigerian fleet. Example, the liquefied natural gas (LNG), liquefied petroleum gas (LPG), iron ore, and other bulk cargo is mostly carried by foreign ships. Nigeria cannot afford to toy with the maritime sector due to the linkages between shipping activities and economic development as it is a primary logistic provider. There are opportunities for investment in dry bulk, tankers, liner/container, coastal cruise services, and offshore services if properly harnessed. With Nigeria as a flag state, proper funding and good management will attract foreign ships for registration. Nigerian oil and gas is useless and valueless without shipping. Oil and gas are like Siamese twins. Shipping facilitates movement of oil and gas from point of production to point of need locally and internationally.
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