IMPACT OF MARITIME INDUSTRY ON THE ECONOMIC DEVELOPMENT OF NIGERIA (A CASE STUDY OF APAPA PORT, LAGOS STATE)

A sea port is a location on a coast or shore containing one or more harbors where ships can dock and transfer people or cargo to or from land. The general and foremost objective of this study is to examine the impact of maritime industry on the economic development of Nigeria. Specific objectives were to determine how maritime industry operation has been contributing significantly to economic development in Nigeria, to assess the impact of maritime industry on economic development in Nigeria and to examine the relationship that exists between maritime industry operation and economic development in Nigeria The sample frame work for the study consists of the staff and employee in Apapa Port in, Lagos state, Nigeria. However the population of the study is five thousand (5000) while sampling size was fifty (50) of those staffs. This is because the total numbers of respondents to the questionnaire are fifty (50) of those staffs. In carrying out this study, the researcher made uses of both primary and secondary sources of data. The statistical technique used in analyzing the data in this study was the simple regression analysis. The regression result shows that international trade, external debt, global integration and exchange rate to a constant zero maritime industry would stand at 0.454, a unit increase in international trade would lead to increase in maritime industry operation by a factor of 0.560, a unit increase in external debt would lead to increase in maritime industry operation by a factor 0.295, a unit increase in global integration would lead to increase in maritime industry operation by a factors of 0.011 and further unit increase in exchange rate would lead to increase in maritime industry operation and economic development by a factor of 0.091.