Influence of time on Seaborne oil trade in Nigeria and the relationship with Port revenue Authors: Ndikom Obed C., Nwokedi, Theophilus C., Nnaji Chijindu L., Gbasibo Lawrence Addah & Sodiq Olusegun Buhari

Influence of time on Seaborne oil trade in Nigeria and the relationship with Port revenue

Authors: 

Ndikom Obed C., Nwokedi, Theophilus C., Nnaji Chijindu L., Gbasibo Lawrence Addah & Sodiq Olusegun Buhari

Abstract

The study analyzed the influence of time on seaborne oil trade in Nigeria. It determined the trend of seaborne oil export and import trade in Nigeria. The key objectives of the study were to measure the influence of time on seaborne oil import and export trade in Nigeria, to compare seaborne oil export and import trade facilitated by Nigeria seaports and to estimate the relationship between seaborne oil trade and port revenue in Nigeria. Secondary data on port revenue, tonnages of seaborne oil export and import trade were obtained from the Central bank of Nigeria and used in carrying out the study. The statistical tools of trend analysis, simple regression analysis and independent sample t-test were used to analyze the data obtained.  It was found that the trend of seaborne oil export and import trade in Nigeria over the period covered by the study was increasing. The linear function showing the trend of seaborne oil export trade over the period covered in the study is: Y = 3123477666.230 + 1951150.588 + e. It was also found that time induces an increasing trend on seaborne oil import trade facilitated via the Nigeria seaport terminals. The linear model showing the relationship between seaborne oil import trade facilitated through the seaports and port revenue over the period is:Y = 180425475.184 + 12.177oilimporttrade – 0.316oilexportrade + e. Seaborne export oil trade has a mean value of 799310590.7000±39845685.83675 with a seaborne oil import trade of 14523981.8400±3396038.07534 facilitated over the time period covered in the study. Recommendations were given on how to further grow seaborne oil trade in Nigeria. The implication to port management is that to sustain the revenue earnings capacity of the seaports through oil import and export trade, investment in the infrastructure for handling oil cargo flow via the seaport should take increasing trend in line to the direction of trade flow.

Key words: Influence, Seaborne-oil- trade, port, revenue, Nigeria.

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Title:

Influence of time on Seaborne oil trade in Nigeria and the relationship with Port revenue

Author:

Ndikom Obed C., Nwokedi, Theophilus C., Nnaji Chijindu L., Gbasibo Lawrence Addah & Sodiq Olusegun Buhari

Journal Name: International Journal of Science and Business
Website: ijsab.com
ISSN: ISSN 2520-4750 (Online), ISSN 2521-3040 (Print)
DOI: https://doi.org/10.5281/zenodo.1967155
Media: Online
Volume: 2
Issue: 4
Acceptance Date: 04/12/2018
Date of Publication: 05/12/2018
PDF URL: http://ijsab.com/wp-content/uploads/296.pdf
Free download: Available
Page: 779-790
First Page: 779
Last Page: 790
Current Status: Published

Cite This Article:

Ndikom Obed C., Nwokedi, Theophilus C., Nnaji Chijindu L., Gbasibo Lawrence Addah & Sodiq Olusegun Buhari (2018). Influence of time on Seaborne oil trade in Nigeria and the relationship with Port revenue. International Journal of Science and Business, 2(4), 779-790. doi: https://doi.org/10.5281/zenodo.1967155

Retrieved from http://ijsab.com/wp-content/uploads/296.pdf

 

About Author

Ndikom Obed C., Department of Maritime Management Technology, Federal University of Technology, owerri

Nwokedi, Theophilus C., (Corresponding Author) Department of Maritime Management Technology, Federal University of Technology, owerri

Nnaji Chijindu L., Department of Maritime Management Technology, Federal University of Technology, owerri

Gbasibo Lawrence Addah, Department of Maritime Management Technology, Federal University of Technology, owerri

Sodiq Olusegun Buhari, Federal College of Fisheries and Marine Technology Lagos Nigeria

 

 

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DOI: https://doi.org/10.5281/zenodo.1967155

Comparative Study on Implementation Outcomes of UNCTAD 40-40-20 and cabotage Maritime Policies in Nigeria Authors: Nwokedi, Theophilus C., Gbasibo Lawrence Addah, Nwosu Emmanuel Nnadozie, Ufia Friday & Adaka Joseph

Comparative Study on Implementation Outcomes of UNCTAD 40-40-20 and cabotage Maritime Policies in Nigeria

Author: 

Nwokedi, Theophilus C., Gbasibo Lawrence Addah, Nwosu Emmanuel Nnadozie, Ufia Friday & Adaka Joseph

Abstract

Maritime policies like general transport policies over the years have remained a veritable tool for planning the development of the maritime transport sub-sector in Nigeria and other nations. Experience in most developing African countries has shown that African nations are not lacking in the development of well thought-out policy blue prints for the development of her maritime sectors; they  rather have poor policy implementation strategies as past records have shown; thus culminating into the failure and total abandonment of well thought-out maritime development policy plans. An example is the UNCTAD 40-40-20 policy which has helped similar maritime nations as Nigeria to develop adequate capacities in carriage of their seaborne trade and fleet size but has failed to achieve the same feet in Nigeria. The study was thus carried out to assess the implementation outcomes of the defunct UNCTAD 40-40-20 policy in Nigeria, in comparison with the outcomes of the current cabotage policy being implemented by the Nigeria maritime Administration and safety Agency.  The historical research design method was used and secondary data were collected and used for the study. The data collected were analyzed using the difference of means model, independent sample t-test and trend analysis. It result showed a decreasing trend in fleet ownership by Nigeria in both UNCTAD 40-40-20 era and cabotage era. The comparative analysis between the indigenous tonnages in the cabotage and UNCTAD 40-40-20 regimes revealed that the mean tonnages of the indigenous ship owners per annum in the cabotage and UNCTAD 40-40-20 regimes are 229477.2145tons and 279286.3636 respectively over the 11 years period covered in the study. There exists a difference in means of -49809.14909 in favour of the indigenous tonnage in the UNCTAD 40-40-20 regime.  These imply similar implementation outcomes in both policies.  It was recommended that improvement should be made in the implementation of the current cabotage regime to save it from similar failure like the UNCTAD 40-40-20 regime.

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 Key words: UNCTAD 40-40-20, cabotage, implementation, outcomes, Nigeria.

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Title:

Comparative Study on Implementation Outcomes of UNCTAD 40-40-20 and cabotage Maritime Policies in Nigeria

Author:

Nwokedi, Theophilus C., Gbasibo Lawrence Addah, Nwosu Emmanuel Nnadozie, Ufia Friday & Adaka Joseph

Journal Name: International Journal of Science and Business
Website: ijsab.com
ISSN: ISSN 2520-4750 (Online), ISSN 2521-3040 (Print)
DOI: https://doi.org/10.5281/zenodo.1493045
Media: Online
Volume: 2
Issue: 4
Acceptance Date: 04/11/2018
Date of Publication: 21/11/2018
PDF URL: http://ijsab.com/wp-content/uploads/285.pdf
Free download: Available
Page: 653-662
First Page: 653
Last Page: 662
Current Status: Published

Cite This Article:

Nwokedi, Theophilus C., Gbasibo Lawrence Addah, Nwosu Emmanuel Nnadozie, Ufia Friday & Adaka Joseph (2018). Comparative Study on Implementation Outcomes of UNCTAD 40-40-20 and cabotage Maritime Policies in Nigeria. International Journal of Science and Business, 2(4), 653-663. doi: https://doi.org/10.5281/zenodo.1493045

Retrieved from http://ijsab.com/wp-content/uploads/285.pdf

 

About Author

Nwokedi, Theophilus C., (Corresponding Author) Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria

Gbasibo Lawrence Addah, Department of Maritime Management Technology, Federal University of Technology, Owerri,  Nigeria

Nwosu Emmanuel Nnadozie, Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria

Ufia Friday, Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria

Adaka Joseph, Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria

 

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DOI: https://doi.org/10.5281/zenodo.1493045