The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.
| Published in | Journal of Water Resources and Ocean Science (Volume 6, Issue 6) |
| DOI | 10.11648/j.wros.20170606.11 |
| Page(s) | 72-84 |
| Creative Commons |
This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited. |
| Copyright |
Copyright © The Author(s), 2017. Published by Science Publishing Group |
Vessel-Based, Marine, Accidents, Economic - Risks
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APA Style
Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. (2017). Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. Journal of Water Resources and Ocean Science, 6(6), 72-84. https://doi.org/10.11648/j.wros.20170606.11
ACS Style
Nwokedi Theophilus Chinonyerem; Ibe Calistus; Okeudo Geraldine; Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J. Water Resour. Ocean Sci. 2017, 6(6), 72-84. doi: 10.11648/j.wros.20170606.11
AMA Style
Nwokedi Theophilus Chinonyerem, Ibe Calistus, Okeudo Geraldine, Moses Ntor-Ue. Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria. J Water Resour Ocean Sci. 2017;6(6):72-84. doi: 10.11648/j.wros.20170606.11
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Download@article{10.11648/j.wros.20170606.11,
author = {Nwokedi Theophilus Chinonyerem and Ibe Calistus and Okeudo Geraldine and Moses Ntor-Ue},
title = {Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria},
journal = {Journal of Water Resources and Ocean Science},
volume = {6},
number = {6},
pages = {72-84},
doi = {10.11648/j.wros.20170606.11},
url = {https://doi.org/10.11648/j.wros.20170606.11},
eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.wros.20170606.11},
abstract = {The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations.},
year = {2017}
}
TY - JOUR T1 - Analysis of Vessel-Based Marine Accidents and the Economic Risks to Nigeria AU - Nwokedi Theophilus Chinonyerem AU - Ibe Calistus AU - Okeudo Geraldine AU - Moses Ntor-Ue Y1 - 2017/11/28 PY - 2017 N1 - https://doi.org/10.11648/j.wros.20170606.11 DO - 10.11648/j.wros.20170606.11 T2 - Journal of Water Resources and Ocean Science JF - Journal of Water Resources and Ocean Science JO - Journal of Water Resources and Ocean Science SP - 72 EP - 84 PB - Science Publishing Group SN - 2328-7993 UR - https://doi.org/10.11648/j.wros.20170606.11 AB - The aim of the study is to evaluate the economic loss of vessel-based marine accidents to Nigeria and the impact on marine transport sub-sector output and/or performance. Time series data of 30 years were gathered from the Central Bank of Nigeria (CBN) statistical bulletin, the Nigeria insurance digest, the Organization of Petroleum Exporting Countries (OPEC) annual statistical report. The contribution of marine transport to the Gross Domestic Product (Y), shipping accident economic loss (X1), economic losses of offshore oil and gas (O&G) drilling accidents (X2), and marine oil spill accidents economic losses (X3) were obtained and used as the explanatory (independent) variables. The data was analyzed using multiple regression method with Y as the dependent variable. The hypotheses were tested using t-test. The findings of the study indicates that shipping accidents economic losses and economic losses of offshore oil and gas drilling accidents shows significant impact on the output of the marine transport sub-sector over the period covered by the study. The model expressing the quantitative relationship between GDPmarine transport (Y), shipping accidents economic loss (X1), economic loss of offshore oil and gas drilling accidents (X2) and marine oil spill accidents loss (X3) is: Y = 332156363.1 + 0.167X1 + 0.837X2 + 0.203X3 + e. it was recommended that investment in safety policies and standards be improved with greater focus in reducing accidents induced economic losses in shipping and offshore O&G drilling maritime operations. VL - 6 IS - 6 ER -
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