Book Description

A thorough examination of the recent economic (mis-)fortunes of Nigeria, the so-called giant of Africa, would reveal the unrealistic economic practice of depending on one major resource to fund the running of government, economic growth, and infrastructural development. This impractical approach to the management of the economy is magnified by the fact that Nigeria, as a country, is put in a precarious situation whenever there is a temporal or permanent price decline in the global crude oil market as this automatically translates to a reduction of the revenue available to government. This work is an attempt to present discussions into developing a Long-term and Strategic Economic Development Module for all regions and government in Nigeria. It is aimed at exposing Nigeria and Nigerians to the numerous benefits accruable in the development of its indigenous maritime economy. An attempt is made here to empirically rationalize the diversification of the Nigerian economy with its recent cabotage policies forming the foundation of an economy that emphasizes on shipping and associated mining and agricultural industries for the majority of its revenue. In order to justify this position, we undertake a careful analysis of the business histories of credible shipping companies like the precolonial Elder Dempster line and also the fast-growing Chinese auto manufacturing industries with a view to magnify their successes worthy of emulation. We have also compared some aspects of the US internal maritime structure with that of Nigeria and have exposed the practice of Japan in developing regions through the establishment of sea ports. It is intended that this book would serve as a personal and patriotic contribution to the Heads of Government as they strategize the reestablishment of Nigeria as the brightest investment destination in the global economic horizon in a bid to spark the recognition of our great nation as an emerging giant in the World Economic Order.