THE IMPORTANCE OF SHIPPING TO THE ECONOMIC DEVELOPMENT OF NIGERIA
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ABSTRACT
The study investigates the impact of Ocean shipment trade on Nigeria’s economic development, covering the period, 1976-2006. Ocean shipment trade in thousands of tones served as the independent variable in all the three hypothesis defined while, the gross domestic product Nigerian value of external reserve served as the dependent variable.
The three hypotheses were actually tested for the following conclusions to be reached:
1) Shipment export trade has actually exerted a positive effect on the economy as a whole.
2) Shipment Export Trade exerts a significant positive effect on the level external reserve in Nigeria.
3) Akin to the two revelations above, the Shipmen Export Trade exerts a significant effect on the level of Nigeria’s external debt payment, especially for the period under investigation, 1976-2006.
The findings of this study therefore, bring to the limelight the need for the following recommendations:
With the perceived weak institutional setting, there is therefore the need to improve the institutional setting in order to boost external trade contribution to the economic as a whole. Even though Shipment Export has been found to contribute positively to the economy generally, whether in terms of contribution to gross domestic product, external reserve or external debt payment, one is tempted to say that more contributions would have been recorded with strong institutional setting.
Similarly, the poor transparency and corruption that appear to be endemic in our country call for concerted effort to make for an improved performance.
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