Maritime Sector: Key Driver of Economic Growth and Sustainable Development in Nigeria

Abstract

Nigeria’s Maritime sector is a neglected gold mine. It is capable of becoming a key engine of economic growth and sustainable development, if enhancive strategies are implemented for optimum efficiency. Nigeria’s maritime sector performance for 2019, like the global maritime business in the evidently points to the negative. However, factors that led the local maritime downward are different from factors that negatively affected global maritime sector. This paper will assess the technologies advancement; automation and digitalisation of Nigeria maritime sector to ensure it attain global best practices recommended by International Maritime Organisation (IMO) and United Nations Conference on Trade and Development (UNCTAD). Currently, technological advancement is bringing its transformative advantages to the maritime ports and shipping space. In the industry known for complex issues, large scale, and a need for firm reliability, digital technologies that create new opportunities for better optimization, automation, and profitability. The study will also analyse maritime performance indicators which includes performance measurement, direct shipping connectivity, port improved management and environmental factor. Performance indicators are systematic tools that determine nature and critical issues that confront shipping industry and ports, help evaluate the possible impact of another policy decision. The challenges, prospects and sustainability of maritime sector in Nigeria over the years will be properly reviewed. The maritime future poses numerous challenges, but also erupt numerous opportunities. Global trade is expanding, Ports and shipping as its workhorse are undergoing transformation and facing massive challenges in maintaining competitiveness. Theories, analyses supporting statistical data, and related information from other relevant institutions and agencies, served as the framework of the study. The result of the study is expected to contribute in economic growth and sustainable development of the maritime sector.
 
 JEL: R40; R42; L20
 
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Sustainable IT practices in Nigerian banking: Environmental perspectives review

“…In the context of Nigeria, the maritime sector's experience with digitalization and automation offers valuable insights. The sector's technological advancements have brought transformative advantages, including optimization, automation, and profitability, which are relevant to the banking sector as well (Amuka & Ezinna, 2021). The banking sector can learn from these advancements to enhance its performance and sustainability.…”