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| Title: | Maritime Sector and Economic Growth in Nigeria |
| Author(s): | EWUBARE D. B.1, AMADI S. N. & ONOYOM I. O. |
| Abstract: | This study determined the effect of maritime sector on the Nigerian economy in Nigeria from 1990 to 2023. The study proxy maritime sector by maritime trade volume, shipping capacity, vessel traffic and port productivity while the Nigerian economy was measured by GDP growth rate. The study made use of annual time series data as sourced from Central Bank of Nigeria (CBN) Statistical Bulletin, World Development Indicators (WDI) of the World Bank, Nigeria Custom Service (NCS) reports likewise United Nations Conference of Trade and Development (UNCTAD). The major techniques of data analysis adopted comprise: Augmented Dickey-Fuller (ADF) Unit Root test, multicollinearity test, bound cointegration test and Autoregressive Distributed Lag (ARDL) approach. The key results obtained in the study revealed that maritime trade volume and port productivity have positive and significant effect on GDP growth rate in Nigeria. Also, vessel traffic has a positive and significant effect on GDP growth rate in Nigeria. Lastly, shipping capacity have a positive and significant effect on GDP growth rate in Nigeria. but has a positive and non-significant effect on GDP growth rate in Nigeria. in the long run. based on the results, the study concluded that maritime sector significantly improves the Nigerian economy. It was recommended among others that Nigerian government should invest in modernizing port infrastructure through automation, dredging, and digital technologies like port community systems and cargo tracking platforms. Efficient ports will enhance trade volume and shipping capacity, which will in turn support GDP growth and job creation in logistics, manufacturing, and export-related sectors. |
| Keywords: | maritime sector, Nigerian economy, economic growth, maritime trade volume, shipping capac |
| Journal: | Journal of World Economics and Financial Report Vol 2 No 1 |
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