Influence of time on Seaborne oil trade in Nigeria and the relationship with Port revenue

The study analyzed the influence of time on seaborne oil trade in Nigeria. It determined the trend of seaborne oil export and import trade in Nigeria. The key objectives of the study were to measure the influence of time on seaborne oil import and export trade in Nigeria, to compare seaborne oil export and import trade facilitated by Nigeria seaports and to estimate the relationship between seaborne oil trade and port revenue in Nigeria. Secondary data on port revenue, tonnages of seaborne oil export and import trade were obtained from the Central bank of Nigeria and used in carrying out the study. The statistical tools of trend analysis, simple regression analysis and independent sample t-test were used to analyze the data obtained. It was found that the trend of seaborne oil export and import trade in Nigeria over the period covered by the study was increasing. The linear function showing the trend of seaborne oil export trade over the period covered in the study is: Y = 3123477666.230 + 1951150.588 + e. It was also found that time induces an increasing trend on seaborne oil import trade facilitated via the Nigeria seaport terminals. The linear model showing the relationship between seaborne oil import trade facilitated through the seaports and port revenue over the period is:Y = 180425475.184 + 12.177oilimporttrade – 0.316oilexportrade + e. Seaborne export oil trade has a mean value of 799310590.7000±39845685.83675 with a seaborne oil import trade of 14523981.8400±3396038.07534 facilitated over the time period covered in the study. Recommendations were given on how to further grow seaborne oil trade in Nigeria. The implication to port management is that to sustain the revenue earnings capacity of the seaports through oil import and export trade, investment in the infrastructure for handling oil cargo flow via the seaport should take increasing trend in line to the direction of trade flow.