Port Infrastructural Development and the Nigerian Economy

I. Njoku¹ , T. C. Nwachukwu² , B.S. Olisa³

Section:Research Paper, Product Type: Journal-Paper
Vol.7 , Issue.11 , pp.1-12, Nov-2021

Online published on Nov 30, 2021

Copyright © I. Njoku, T. C. Nwachukwu, B.S. Olisa . This is an open access article distributed under the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
 

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Abstract :
This research critically examines the influence of quality of port infrastructure on port performance and its relative impact on the Nigerian economy. A time-series secondary data on port infrastructure quality index (PIQI), GDP per capita, Cargo throughput, Ship turnaround time, and Liner shipping connectivity index (LSCI) were obtained from World Bank database and NPA annual bulletins. These data were analyzed using multi linear Regression with the aid of Statistical Package for Social Scientist (SPSS V.20). The result of the Regression analysis reveals that the quality of port infrastructure in Nigeria increases GDP per capita by 96.9% for every one percent increase in port infrastructure, reduces Ship turnaround time by 29.1% for every one percent increase in port infrastructure, increases by 20.9% for a percent increase in Liner Shipping Connectivity and increases by 55.6% for a percent increase in Cargo Throughput. It was however recommended that, in the wake of declining oil prices and revenue loss, the federal government should muster economic policies that can develop the maritime sector, by encouraging private sector investment with less risk in the port areas, since ports are industrial clusters that are capable of employing many people. Conclusively, the presence of social and economic infrastructures can facilitate and accelerate socio-economic development

Key-Words / Index Term :
Infrastructure, economy, impact, shipping, throughput, investment

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