ABSTRACT
This study assessed seaborne trade and economic growth in Nigeria during the period of 1977-2015. This study was carried out to investigate and provide a lasting solution to the following problems; Banning of certain import goods, non interest in Non-Oil export, problems of Nigerian Port system in the areas of diversion of ships to neighboring countries Ports due to lack of deep seaport that could berth larger Vessels and Custom’s manual clearing system which causes delays and Port congestion. These problems hinders Cargo throughput which leads to loss of revenue by the Federal Government. The objectives of this study were to determine the effects of Cargo throughput and Custom revenue on the Gross Domestic Product and Foreign Exchange Reserve of Nigeria respectively .In other to achieve these objectives, a Simple Regression analysis method was employed in analyzing the secondary data collected. The empirical result shows that Cargo throughput and Custom revenue were statistically significant to the Gross Domestic Product and Foreign Exchange Reserve of Nigeria. On the other hand, Seaborne trade contributes positively to the economic growth of Nigeria. Due to this effects, some recommendations were made which includes; encouraging of indigenous participation in Seaborne trade, Port reforms, Provision of electronic system of clearance for Nigerian Custom, unbanned of imports on certain goods and diversification of Nigerian economy so as to boost the activities of export/import.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
Seaborne trade represents greater than 90% of the international trade in the World. The phase “he who controls the trade controls the world economy “has remained truism. It may seem obvious to say that today we live in a global World and it is certainly true that Seaborne trade makes it possible for a truly global economy to work. Stop ford (1998) defined Seaborne trade as the movement of merchandise by Vessels between the Port of origin where merchandise is received from the exporter at the Port of origin to the Port of destination where merchandise is claimed by the importer. Seaborne trade connects countries, Markets, Business and people allowing them to buy and sell goods all over the World. Seaborne Cargoes comprise commodities of different types and sizes. They can be grouped into six main categories; Energy trade, Agriculture trade, Metal industry trade, Forest product, Manufactured commodities (Emah, 2016). The history of the World is a history of exploration and trade by Sea. As a result of this Seaborne trade was established; Coal from Australia, Southern Africa, West Africa and North America to Europe, Grains from North and South America and Australia to Europe and the East, Oil from the Middle East, West Africa, South America and Asia (Buhari, 2013). With these, Seaborne trade has changed the shape of the World economy. This benefits consumers by creating choice, boosting economic and creating employment and this turn creates impacts on the environment as well. Globalization through Seaborne trade has “decouple time and space” resulting in the “death of distance”. With globalization the big world has turn into a “one little village”. Seaborne trade has been one of the main causes of globalization. The impact has been most phenomenal.
