DETERMINANTS OF MARITIME SECTOR PERFORMANCE IN NIGERIA
Abstract
This study investigates the determinants of the performance of maritime sector in Nigeria from 2000 to 2022. Specifically, the study examines how gross registered tonnage, cargo throughput, and oil prices affect maritime sector output. The study utilized data sourced from the Central Bank of Nigeria, Nigeria Port Authority,and World Bank statistical database. The study makes used of the descriptive statistics, stationarity, Granger Causality, and ARDL techniques at 5% level. The stationarity test reveals that the variables were stationary at level and first differences necessitating the ARDL F-bond test that validate the existence of long-run form. The ARDL long-run test shows gross registered tonnage and cargo throughput are positive but insignificant to maritime sector output; however, oil price is negative and insignificant to maritime sector output. The study concludes that gross registered tonnage, cargo throughput, and oil prices have a limited impact on the promotion of marine sector output. Therefore, the study recommends that the Nigerian Federal Government should consider hedging its oil price exposures as a means to guarantee a consistent and stable oil price, thereby fostering growth in the marine industry.
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