Shipping Trade and Its Impact on Economic Growth in Nigeria (1976-2015)
Abstract of Shipping Trade and Its Impact on Economic Growth in Nigeria (1976-2015)
Study examines the impact of ocean shipping trade on the economic development of Nigeria, covering the period from 1976 to 2015. Ocean shipping trade, in thousand tons served as an independent variable in all three set of assumptions, the gross domestic product, the value of Nigeria’s external reserves and payment of external debt were used as proxies for the level of economic development respectively. a simple regression analysis was applied using time series data. The findings of the study are that a significant and positive relationship between the shipment leaves the ocean exports and gross domestic product, foreign reserves and payment of external debt. Also the export shipping trade, is an important factor for economic development of Nigeria under each of the dependent variables. Based on these findings and conclusions, the study, among others, recommended that the overall institutional framework in the economy should be improved to take full benefits of trade expedition to the ocean in Nigeria. In addition, it is necessary to improve the lack of transparency and thus reduce the corruption that seems to be endemic in our country, and therefore to improve the earnings of export shipping trade.