SHIPPING TRADE AND ITS IMPACT ON ECONOMIC GROWTH IN NIGERIA; 1976-2015
TABLE OF CONTENT
Title page =
Certification =
Dedication =
Acknowledgement
Abstract = =
Table of content = List of Tables = = List of Figures = =
= = = = = = = i
= = = = = = = ii
= = = = = = = iii
= = = = = = = iv
= = = = = = = vii
= = = = = = = viii
= = = == = = = xi
== = = = = = = xii
CHAPTER ONE
1.0 Introduction = = = = = = == = 1
1.1 Background = = = = = = = = = 1
1.2 Statement of the problems = = = = = = 3
1.3 Objectives of the study = = = = = = 4
1.4 Research Questions = = = = = = = 5
1.5 Research Hypotheses = = = = = = 6
1.6 Significance of the study = = = = = = 6
1.7 Scope of the study = = = = = = = 7
1.8 Limitations of the study= = = = = = = 8
CHAPTER TWO
LITERATURE REVIEW
2.1 Conceptual framework = = = = = = 9
2.2 Current status and Trends in World Shipping = = = 16
2.2.1 Overview of the World Shipping Industry = = = = 16
2.2.2 Trends in ship types and features = = = = 23
2.2.3 Trends in shipping Economics = = = = = 25
2.2.4 Overview of shipping markets the current trend = = 27
7
2.2.6 The Global Evolution of Containerisation = = = = 31
2.2.7 Ownership of Merchant Navy fleet= = = = = 38
2.2.8 Opportunities for African Maritime countries= = = 42
2.2.9 Importance of Maritime Trade in Nigeria’s economy = 46
CHAPTER THREE
3.0 Research Design and Methodology = = = = 51
3.1 Definition of Area and population of study = = = 51
3.2 Sources of Data = = = = = = = = 51
3.3 Procedure for Date Analysis = = = = = = 51
3.4 Operational Definition of variables / hypotheses testing 52
3.4.1 Hypothesis 1 = = = = = = = = 52
3.4.2 Hypothesis 2 = = = = = = = = 53
3.4.3 Hypothesis 3 = = = = = = = = 54
3.5 Test of significance = = = = = = = = 55
3.5.1 Test of model significance – ANOVA = = = = 55
3.5.2 Test of Model significance – Coefficient of determination
And the F-Test Approach = = = = = = 57
3.5.3 Test of the significance of the explanatory variables = 58
3.6 Assumptions of the linear regression model = = 59
CHAPTER FOUR
2.0 Data presentation, Analysis and interpretation = = = 62
4.1 Introduction = = = = = = = = = 62
4.2 Data Presentation = = = = = = = = 62
4.3 Data Analysis and hypotheses testing = = = = 65
4.3.1 Influence of shipment Export Trade on
Economic development = = = = = = 65
4.3.1.1 Test of Model significance – ANOVA method = = 67
84.3.1.2 Test of model significance – R2 method = = = 68
4.3.1.3 Test of the significance of the explanatory variable = 69
4.3.2 The Influence of shipment export trade on Nigeria
External reserve = = = = = = 70
4.3.2.1 Test of model significance –ANOVA method = = = 71
4.3.2.2 Test of model significance –R2ANOVA method = = 71
4.3.2.3 Test of the significance of the explanatory variable = 72
4.3.3 The Influence of shipment Export trade on
External Debt payment = = = = = = 73
4.3.3.1 Test of model significance – ANOVA method= = = 74
4.3.3.2 Test of model significance R2= = = = = 75
4.3.3.3 Test of the significance of the explanation variable = 75
4.4 Discussion of Results = = = = = = = 76
4.4.1 Hypothesis 1 = = = = = = = = 76
4.4.2 Hypothesis 2 = = = = = = = = 77
4.4.3 Hypothesis 3 = = = = = = = = 78
CHAPTER FIVE
5.0 Summary, Conclusion And Recommendations = = 79
5.1 Summary of findings = = = = = = = 79
5.2 Conclusion = = = = = = = = = 80
5.3 Recommendations = = = = = = = = 80
Bibliography= = = = = = = = 82
Appendices = = = = = = = = = 86
LIST OF TABLES
2.1 Distribution of the world fleet and DWT capacity of containers by country
Group – beginning 2007 40
2.2 Freight costs as percentage of import value
For various regions of the world 41
3.1 Hypothetical ANOVA table 56
4.1 Nigeria’s total ocean shipment export in thousands of tones, gross domestic product, external reserve and external debt service
in millions of naira, 1976-2006 63
4.2 Hypothesis 1 result / output 66
4.3 Hypothesis 2 result / output 70
4.4 Hypothesis 3 result / output 73
LIST OF FIGURES
2.1 Composition of the world fleet 20
2.2 Shipping statistical table 21
2.3 Structure of shipping market 27
2.4 World merchandize trade (Exports F.O.B) 28
2.5 The global evolution of containerization 32
2.6 Growth in containerized shipping 33
2.7 Evolution of container vessel size 35
2.8 Distribution of world container traffic by region 38
ABSTRACT
The study investigates the impact of Ocean shipment trade on Nigeria’s economic development, covering the period, 1976-2015. Ocean shipment trade, in thousands of tonnes served as the independent variable in all the three hypotheses defined while, the gross domestic product, Nigerian value of external reserves and external debt payment were employed as the proxies for the level of economic development, respectively for hypotheses I through 3. A simple regression analysis was applied to the time series data. Findings of the study include the fact that a significant and positive relationship exits between ocean shipment export trade and the gross domestic product, external reserve and external debt payment. Also shipment export trade, is a significant contributor to Nigeria’s economic development under each of the dependent variables. On the basis of these findings and conclusions, the study, among other things, recommends that the overall institutional setting in the economy should be improved upon in order to reap in full the benefits of ocean shipment trade in Nigeria. Also, there is need to improve the poor transparency and hence reduce corruption that appears to be endemic in our country, and hence improve the gains from shipment export trade.
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