GENERAL INTRODUCTION Maritimes Sector a Strategic Economic Importance to National Development The maritime sector is of critical significance to any economy. It is the main means for transporting goods internationally, and many nations rely on their ports as a major source of revenue. The maritime industry, which is a subsector of the transport sector, globally accounts for over 70 of transportation requirement of the world.Maritime activities are expanding bringing benefits to people across the world. The merchant navy, offshore oil subsector, commercial fishery and cruise companies have added impetus to the growth in the industry. The sector is a major catalyst for socio-economic development and international competitiveness in a changing world.The maritime industry is of huge importance in terms of natural resources and energy, trade and industry, as well as sciences and leisure activities. It is an essential part of trade which demands innovative solutions and careful management systems to ensure its long-term sustainability. It is difficult to quantify the total value of the worlds maritime industry, and the economic relevance of a sector that affects a wide range of aspects of modern societies and their development. Nigerian ports constitute the mainframe of the maritime sector of the nations economy, and a number of them have been responsible for the growth of certain cities and large commercial centres in Nigeria, and consequently national development. However, prior to concession, NPA was unable to perform the statutory functions it was established to carry out efficiently. This led to the port reform programmes which culminated in the privatization of the ports, with the aim of increasing efficiency and improving service delivery. Nigerias International Trade Nigeria as a nation is endowed with a vast coastline as well as navigable inland waterways and is strategically placed on the Atlantic Coast of West Africa. However, 76 of shipping business that takes place in the whole of West Africa is done in Nigeria alone, which means that Nigeria is very important in the West African sea ladder. Nigeria is the sixth largest producer of crude oil in the world and also has most prolific gas reserves in the world which have only been recently exploited. The country is also rich in natural resources and agricultural produce. Most of these products are exported to international markets by sea where they are sold and foreign currency earned to ensure the countrys developmental objectives. The marine vessels requirement plan by the International Oil Companies (IOCs) between 2010 and 2014 for its upstream operations is a total of 912 units. With the volume of maritime trade and required marine equipment, Nigeria qualifies by her volume of import trade to be a hub for the short sea-trade of West and Central Africa sub-region.Statistics from the Nigerian Ports Authority (NPA) on ship calls to Nigeria revealed that between 2009 and 2012, Nigerias tonnage has grown from 82 million tons to over 150 million with an estimated freight payment rising from 4.1 billion to above 7.5 billion annually. Economic ImportanceThe maritime industry is a key sector of the Nigerian economy, considering the countrys status as an oil producing and exporting country. As a consumer nation, the country is a large market for foreign goods owing to its population. Shipping remains very crucial to Nigerias economy as the petroleum industry which is currently the number one revenue earner for the country depends largely on shipping. Without shipping, product lifting becomes impossible as it is the back bone of oil and gas production and marketing. Over 70 of the worlds oil is produced in regions where total consumption of oil produced is not feasible. Hence, transportation to other regions of need becomes essential in ensuring full consumption. Statistics has shown that over 80 of the global oil is transported by ship. In the case of Nigeria it is 100. The...
References: Felix Nwaner Nigeria Maritime factor-still Unfulfilled Expectations Despite Reform, 2007. Dr. George M. Eneh Investment and Trade Opportunities A sector Approach (MARITIME) 2005 EmekaOkoroanyanwu Harnessing Business Opportunity in Maritime Transport, 2007. BIBLOGRAPHY Amin, M.E (2004), Statistical Inference for Social Science Research, Kampala, Makerere University Press. Anonymous Cart Before The Horse2007. David Ogah NPA may Regain Old Status as Certral Ports Admin Body 2007. David ogah Government Divides NPA in to two Autonomous Entities 2006. Dr. George M. Eneh Investment and Trade Opportunities A sector Approach (MARITIME) 2005 EmekaOkoroanyanwu Harnessing Business Opportunity in Maritime Transport, 2007. Felix Nwaner Nigeria Maritime factor-still Unfulfilled Expectations Despite Reform, 2007. JumokeAkinjide BalogunMaking Waves in Nigeria. Khan, Martin A. (1992) Research Methodology for Business and Social Problems, University Grants Commission sector H/9 Islamabad. LamiTumak Strengthening Bank Maritime Relation 2006 FunkeAgbor Wearing Shades in Nigeria 2000. Dr. Bola Fajemirokun New Maritime Regulatory Statutes A paper delivered at Maritime Seminar for judges 2006. Proshanto K Mukherjee The ISM code, The ISPS CODE and the SUA Convention in perspective A Paper Presented at Maritime Seminar for judges 2006. . ( Storey, William Kelleher.Writing History A guide for Students. New York, NY Oxford University Press, 1999, p.18). Francis Ezem new act empower NIMASA to Expel Registered vessels 2007. Muyiwa Dare The NIMASA Initiative to Reposition Shipping Sector Stories, 2007. Nazery Khalid Maritime Economic Activities Planning Towards Sustainable Development, 2005. Ndagi, J.O (1999) Esseatial of Research Methodology for Educators, University press Plc, Ibadan, Nigeria. (Primary Sources at YaleHYPERLINK http//www.yale.edu/collections_collaborative/primarysources/primarysources.htmlhttp//www.yale.edu/collections_collaborative/primarysources/primarysources.html See more at HYPERLINK http//www.myfinancialintelligence.com/transport/maritimeE28099s-strategic-economic-importance l sthash.QWSUB4lo.dpufhttp//www.myfinancialintelligence.com/transport/maritimeE28099s-strategic-economic-importancesthash.QWSUB4lo.dpuf See more at http//businessandmaritimewestafrica.com/shipping-development/importance-of-seaports-to-the-national-economysthash.7EcqjcYA.dpuf PAGE MERGEFORMAT 7 Y, dXiJ(x(
(W )6-rCSj id DAIqbJx6kASht(QpmcaSlXP1Mh9MVdDAaVBfJP8
Please join StudyMode to read the full document