Global Recession and Shipping Revenue Performance in Nigeria: A Focus on Covid-19 Pandemic

Abstract

The purpose of the study is to verify whether the recent health and financial crises popularly known as Covid-19 Pandemic has a positive or negative effect on the revenue performance of the shipping industry in Nigeria. It adopts a quantitative research method using a multiple regressions statistical instrument to analyze the secondary data. Results demonstrate the negative impact of the great depression on the world's economy and the covid-19 pandemic on the shipping subsector of the Nigerian economy. However, there was some evidence of growth during the great depression' and Covid'19 recession. This portrays the veritable nature and the resilience of the maritime sector in cushioning the drastic influence of the great depression and covid-19 pandemic on economic activities in Nigeria. The study highlights both the negative effects of economic recession/or depression and the necessary pathways for economic reorientation, reorganization, restructuring and recovery. It took a historical path to reveal some salient measures adopted in the century past towards addressing the financial crisis during the great depression and recession. More so, the study revealed that, during periods of recession, there can be evidence of economic growth as statistically shown by the performance of the Nigerian maritime sector, specifically during 2007/08 to 2009/10 and 2019/20 to 2021/22 periods. Therefore, the government should open up the maritime sector through public private partnership and implement robust trade liberalization programmes and grant more concessions of maritime infrastructures.