Benefits of Entrepreneurial Capacity Development in the Maritime Industry in Nigeria

Abstract

The study examined the Benefits of Entrepreneurial capacity development in maritime industry in Nigeria. The objective of the study was to x-ray the potentials of entrepreneurial capacity development in the Nigeria maritime industry. The study used secondary data obtained from the Central Bank of Nigeria, Nigeria ports authority annual publications and the national bureau of statistics, using unit root test and ordinary least square regression (OLS) test techniques at the 5% level of significance to test the effect of the independent variables such as entrepreneurial capacity development, foreign direct investments, capital stock average deposit, inflation, exchange rate and capital expenditure on the dependent variable, Gross domestic product (GDP) of the maritime sector. The result show positive and significant effect of the independent variables on the dependent variable and we thus conclude that the listed independent variables have significant and positive effect on the gross domestic product of Nigeria. This study therefore recommends amongst othersthe exercise of effective government controls in securing the productivity of the Nigeria maritime industry, appropriate management skill development in the sector and ensure adequate accountability measures in its revenue collections to boost the country's foreign exchange earnings and in addition, develop a proper framework for legislature, infrastructural development, technological and technical transfer and human resource development.