ASSESSING THE RELATIONSHIP BETWEEN MARITIME SECURITY AND ECONOMIC GROWTH IN NIGERIA: A CASE STUDY OF SIFAX SHIPPING COMPANY
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Date
2024-06
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WEST AFRICAN JOURNAL OF BUSINESS AND MANAGEMENT SCIENCES
Abstract
This research explores the intricate relationship between maritime security and economic growth
in Nigeria, focusing on SIFAX Shipping Company. The study aims to uncover how maritime security
challenges impact operational efficiency and economic activities within Nigeria' shipping and
logistics sector, utilizing both quantitative and qualitative data. Survey data from SIFAX employees
and other stakeholders, supplemented by secondary data from industry reports, formed the basis
of the analysis. Findings indicate a weak negative correlation between concerns about maritime
security threats and organizational response effectiveness (Pearson correlation coefficient =
0.1655), suggesting that increased security concerns are associated with decreased perceptions of
organizational effectiveness. A t-test revealed no statistically significant difference between
perceptions of maritime security’s impact on trade efficiency and economic growth (t = -1.2402, p
= 0.2179), indicating a nuanced relationship. Regression analysis suggests that perceived
improvements in security measures could positively influence broader economic outcomes over
time (Regression coefficients: const = 3.2033, Q9 = -0.1951). The study underscores the need for
enhanced security measures to mitigate operational disruptions and improve efficiency. It
highlights the importance of continuous investment in robust security frameworks and strategic
collaboration among government agencies, private sector stakeholders, and international
partners. Recommendations include establishing an integrated security framework, investing in
technological infrastructure, implementing comprehensive training programs, enforcing
regulatory reforms, and fostering public-private partnerships. Despite limitations such as sample
size and geographical focus, the findings provide valuable insights for strengthening Nigeria's
maritime security landscape and supporting sustainable economic development. The study
concludes with suggestions for further research, advocating for longitudinal studies, sectoral
analyses, and comparative assessments to deepen understanding of the complex interplay
between maritime security and economic growth.