IIARD International Institute of Academic Research and Development

WORLD JOURNAL OF ENTREPRENEURIAL DEVELOPMENT STUDIES (WJEDS )

E-ISSN 2579-0544
P-ISSN 2695-2483
VOL. 10 NO. 3 2025
DOI: 10.56201/wjeds.v10.no3.2025.pg41.61

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Maritime Entrepreneurship and Economic Development in Nigeria 41

Maritime Entrepreneurship and Economic Development in Nigeria IDOKO, Richard Igoche NKORO, Emeka (PhD) OLADOSU, Isaac Olubiyi .

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Abstract

This research empirically examined the effect of maritime entrepreneurship on economic development in Nigeria from 1990 to 2022. The study proxy maritime entrepreneurship by maritime import, marine export, maritime transportation and maritime tourism as well as measured economic development by Human Development Index. In order to achieve the objectives of the study, annual time series data used were sourced from CBN Statistical Bulletin, WDI of the World Bank as well as UNCTAD reports. The data obtained were tested for stationarity using Augmented Dickey-Fuller (ADF) approach. ARDL bounds cointegration test was used to establish cointegration or long run relationship among the variables. Lastly, the study employed Autoregressive Distributed Lag Model (ARDL) to investigate the long-run and the short-run parameters among the variables. The major results emanating from this study showed that maritime import, marine export and maritime transportation have positive and significant effect on Human Development Index in Nigeria. Also, maritime tourism has a positive and significant effect on Human Development Index in Nigeria in short run while its effect on Human Development Index in Nigeria in the long run is positive but insignificant. Based on the findings, the study concluded that maritime entrepreneurship plays a significant role in promoting economic development in Nigeria. The study recommended that Nigerian government should prioritize the modernization and expansion of port facilities in order to improve the efficiency of maritime imports and exports. This should include upgrading equipment, increasing cargo handling capacity, and introducing automation in customs clearance processes to reduce delays. 1.0 INTRODUCTION The maritime industry is popularly referred to as commerce in the sea which involves all efforts for the shipment of goods (cargo) and people by sea and water ways. The efforts in the maritime industry

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World Journal of Entrepreneurial Development Studies (WJEDS) E-ISSN 2579-0544
P-ISSN 2695-2483 Vol 10. No. 3 2025 www.iiardjournals.org online version





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