SHIPPING TRADE AND ITS IMPACT ON ECONOMIC GROWTH IN NIGERIA; 1976-2015
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ABSTRACT
The study investigates the impact of Ocean shipment trade on Nigeria’s economic development, covering the period, 1976-2015. Ocean shipment trade, in thousands of tonnes served as the independent variable in all the three hypotheses defined while, the gross domestic product, Nigerian value of external reserves and external debt payment were employed as the proxies for the level of economic development, respectively for hypotheses I through 3. A simple regression analysis was applied to the time series data. Findings of the study include the fact that a significant and positive relationship exits between ocean shipment export trade and the gross domestic product, external reserve and external debt payment. Also shipment export trade, is a significant contributor to Nigeria’s economic development under each of the dependent variables. On the basis of these findings and conclusions, the study, among other things, recommends that the overall institutional setting in the economy should be improved upon in order to reap in full the benefits of ocean shipment trade in Nigeria. Also, there is need to improve the poor transparency and hence reduce corruption that appears to be endemic in our country, and hence improve the gains from shipment export trade.
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