Shipping Revenue Performance and the Global Economy: Evidence from Nigeria

Abstract

The purpose of the study is to assess the effect of shipping revenue performance on the global economy using empirical evidence from Nigeria, and to find answers to factors hampering optimal performance in the maritime sector. The study used secondary data which represents the revenue performance for 2008/09-2021/22 fiscal years and data were analyzed with multiple regressions statistics. Findings revealed that shipping revenue performance has a positive and significant effect on the Nigerian economy which invariably is a boost to the global economy. However, pandemics and man-made factors (corruption, political bureaucracy) adversely affect the performance of the maritime industry. It is suggested that nations engaging in maritime transportation should carry out critical and progressive maritime reforms to create wider room for concession of maritime facilities to private companies and utilize public private partnership (PPP) formula to attract investments into the sector.