The Effect of Cabotage Vessel Finance Fund on Indigenous Shipping Companies in Rivers State
Vol.4 Issue 2
This study examined the effect of cabotage vessel finance fund on capacity development of indigenous shipping companies in Rivers State. The study design was the cross-sectional survey, with data generated from a sample of 67 key staff members from a population of 80 within 4 indigenous shipping companies in Rivers State. Three null hypotheses were tested in this study by using the Spearman’s rank order correlation coefficient at a 95% confidence interval and a 0.05 level of significance. The findings revealed significant and positive relationships between cabotage vessel finance fund, and the measures of capacity development (ship acquisition and ownership, seafarers training and development, cargo tonnage availability). It was concluded that the application and practicality of cabotage vessel finance fund contribute towards the build-up and positive growth of local capacities such as ship acquisition and ownership, seafarers training and development and cargo tonnage availability. The study recommended that the financing and funding of the local maritime operations should be premised on clear and transparent functions which allow for the participation and contributions of both foreign and local, as well as private and government investors and stakeholders, and that policies should designed to ensure control and the streamlining of behavior in a such a manner that allows for a conducive and healthy level of business operations, services and competition within the industry.
