Factors influencing the Nigerian shipping market under a depressed economic environment

Abstract

The Nigerian economy is currently characterized by intolerable inflation, continuous devaluation of the local currency, the Naira, capital flight, falling the standard of living of the populace, slow rate of industrial development and very poor shipping business. All these factors coupled with worldwide economic recession culminated into adverse fall in the Nigeria shipping business as witnessed in the decrease in ship and cargo traffic in recent years and high cost of transporting export cargoes. In this review, factors that influence the shipping market and current issues facing Nigerian ports are highlighted.

Keywords: Shipping, transport sector, port, privatization, out sourcing

International Journal of Natural and Applied Sciences, 7(1): 47 - 53, 2011