An Empirical Investigation of the Impact of Effective Shipping Policy Instrument on the Development of the Nigeria Maritime Industry

Abstract:

The Nigeria’s shipping sector is estimated to be capable of generating above 5trillion naira annually but the sector has been totally neglected. To make the sector effective and harness revenue from this sector, there will be an overhaul of policy, institutional, regulatory and legal framework. This study therefore, empirically investigates the impact of an effective shipping policy instrument on the development of the Maritime sector in Nigeria. Data were collated in Lagos, Nigeria through a structured questionnaires administered to stakeholders of the maritime sector in Nigeria. The method of analysis used in the study is a simple non-parametric (chi-square test) statistical method. From the method of analysis, the study found out that an effective shipping policy affect the development of the maritime sector in Nigeria. The study therefore recommends the enactment of a new national shipping policy to effectively support the Nigeria’s shipping policy dates back to 1987 when the Nigerian shipping policy act no.10 of 1987 was enacted following Nigeria ratification of the United Nations Code on Trade and Development (UNCTAD) so as to make shipping policy instruments have an impact on the development of the Maritime sector in Nigeria, which will invariably aid Nigeria economic growth.