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SEAPORT DEVELOPMENT AS AN AGENTS FOR ECONOMIC GROWTH AND INTERNATIONAL TRANSPORTATION
ABSTRACT: Seaport remains the most feasible for the activities of terminals, where loading and off-loading of water vehicles, vessel, ships, ferries and all activities to ensure that what comes in or go out are checked to meet the national and international rules and regulation guiding port activities. It is also a point of revenue generation and tax payment on goods and service rendered. The need for a seaport/ terminal is of economic functioning and technological movement and transfer of goods and services, with modern technology equipment and professional managerial ability. This has strong impact on the building or construction of seaport for economic development and international trade. The type of port, size and infrastructures available, and it location, have great impact on it operations. Water transportation has the capacity to carry the heaviest load than any mode of transportation. These made it necessary for the construction of a sea-port to be technically structured in a way to meet the demand of International Maritime Organization (IMO) rules and regulations. The economics and international traders have argued in favour of seaport for exchange of goods at international trade as its relates to global and domestic economic growth and development. There are many allied activities of economic impact at sea- ports and on it environment and the its Communities. This confirmed that positive relationship exist between global trade, port activities, economic growth and development. Seaport development unlock many investment potentials and commercial opportunities to emerge. We use time series data, and International Ports Reports. The Johansen’s co-integration test was also conducted to establish relationships between the two variables. We also used Questionnaire and group meeting with the operators, users, and port authority. The results shows that positive development, economic, commercial activities, business, employments, revenue generation, tax, increase in trade and distribution activities occur through seaport development. This shows that. there is need for new seaport development in the Southern coastline of Nigeria, around Olokola area between Ondo and Ogun State. in order to enhance more economic benefits growth and development in international trade and chain supply economic comparative advantage while the other seaport should be up-graded to a standard seaport for greater development within the national increase valve of life.
KEYWORDS: seaport; investment opportunities; economic growth; global transportation; national development.