INTRODUCTION
The study, which spans the years 1976 to 2006, looks at the impact of ocean shipment trade on Nigeria’s economic development. In all three hypotheses, the ocean shipping trade in thousands of tons was used as the independent variable, while the gross domestic product Nigerian value of foreign reserve was used as the dependent variable.
The three assumptions were put to the test in order to arrive at the following conclusions:
1) The shipment export commerce has actually benefited the economy as a whole.
2) Shipment Export Trade has a big positive impact on Nigeria’s foreign reserves.
3) Similar to the previous two disclosures, the Shipmen Export Trade has a major impact on Nigeria’s foreign debt servicing, particularly during the time under consideration, 1976-2006.
As a result, it is necessary to maintain and upgrade existing transportation systems as well as to construct new infrastructures in order to increase national prosperity. The growth domestic products (GDP), which is an indicator or measure of the rate of economic growth, is the national wealth.
Individuals desire to better their standard of living, and they see higher income as a method to do so. Transportation system enhancements, in turn, are a way of sustaining or improving economic opportunities, quality of life, and eventually income for people in a given region. Lucas is a character in the film Lucas (1998)
Transportation plays a bigger impact in shaping development and the environment than most people realize.
Transportation has become the backbone of any economy, particularly in developing countries such as Nigeria. As a result, an anatomy of aspects relating to inefficiencies and a lack of good transportation network in Nigeria, coupled with a low rate of economic growth (GDP), is critical. Attached to this is poor government policy on transportation (lack of regulation of fees charged by private transporters, and insufficient fuel). In Nigeria, a scarcity of spare parts, as well as the presence of bad roads and a lack of security, has resulted in a reduction of the transportation system, which has a negative impact on economic growth.
Transportation infrastructure investment is crucial for long-term economic prosperity. Mobility studies reveal that transportation is critical to economic productivity and the global economy’s competitiveness.
It is widely acknowledged that transportation is critical for a country’s long-term economic growth and modernization. The quality of this critical infrastructure is a key driver of a country’s ability to diversify its industrial base, boost commerce, and connect resources and markets into a unified economy. It’s also needed to connect villages with towns and market centers, as well as to bring isolated and emerging regions closer together. As a result, transportation is a critical input for manufacturing processes, and proper transportation infrastructure and services aid in enhancing productivity and cutting production costs.
Providing transportation infrastructure and services aids in poverty reduction. It goes without saying that many public efforts aimed at decreasing poverty will fail if they are not supported by the private sector. The state provides a socioeconomic foundation for all industries, including transportation. Within the framework, specific policies are developed for each sector in order to achieve national goals and objectives. In India, the primary goal of development planning is to increase GDP growth (GDP). The goal is to reach an annual GDP growth rate of 8% by 2007, i.e. by the end of the Tenth Five-Year Plan. Higher rates of economic growth must be accompanied by a more widespread distribution of economic activity, as well as the goals of poverty reduction, provision of gainful and high-quality employment, improvement in literacy rates, population reduction, and reduction in gender inequality in illiteracy and wage disparities. The structural changes in the Indian economy also have an impact on demand for transportation services. As a result, the proportion of high-value, low-volume commodities has risen, necessitating more flexible means of transportation such as road transport. As a result of migration and population expansion, the level of urbanization has increased. As a result, the proportion of GDP generated by metropolitan regions has increased. The nature and degree of transportation demand are profoundly affected by such a spatial shift in the distribution and concentration of economic activity. The most noticeable effect was an increase in demand for urban transportation services. It is projected that the elasticity will increase as a result of numerous variables.
THE RELATIONSHIP BETWEEN TRANSPORTATION AND ECONOMIC GROWTH
Millions of employment are created by transportation, which adds to the economy. It enables men and women to make a career by designing, manufacturing, driving, maintaining, and regulating vehicles in order to ensure the safe and efficient movement of products and people. Transportation is responsible for one out of every seven jobs in the United States. Transportation jobs, both in the transportation and non-transportation industries, employed almost 20 million people in 2002, accounting for 16% of total occupational employment in the United States. The for-hire transportation industry, for example, employed nearly 44 million people. In the year 2002, More over 60% of these for-hire employees work in freight-related jobs or jobs that directly support freight transportation. A total of 1.7 million people have been added to the workforce.
Transportation-related vocations, such as truck drivers, freight arrangement agents, and freight-moving personnel in the wholesale and retail industries, account for a major amount of non-transportation industry employment. In 2002, about 9.2 million people worked in non-transportation businesses in transportation-related occupations.
Productivity increase is the primary driver of economic expansion. Freight transportation productivity development has historically been a driving force for overall productivity growth in the United States, contributing directly to GDP growth. For example, worker productivity in the non-farm business sector increased by 21% from 1991 to 2000.’ During the same time span, rail labor productivity increased by 53%, trucking productivity increased by 23%, and pipeline labor productivity increased by 143%. All three of them are
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