ASSESSING THE RELATIONSHIP BETWEEN MARITIME SECURITY AND ECONOMIC GROWTH IN NIGERIA: A CASE STUDY OF SIFAX SHIPPING COMPANY

This research explores the intricate relationship between maritime security and economic growth in Nigeria, focusing on SIFAX Shipping Company. The study aims to uncover how maritime security challenges impact operational efficiency and economic activities within Nigeria' shipping and logistics sector, utilizing both quantitative and qualitative data. Survey data from SIFAX employees and other stakeholders, supplemented by secondary data from industry reports, formed the basis of the analysis. Findings indicate a weak negative correlation between concerns about maritime security threats and organizational response effectiveness (Pearson correlation coefficient = -0.1655), suggesting that increased security concerns are associated with decreased perceptions of organizational effectiveness. A t-test revealed no statistically significant difference between perceptions of maritime security’s impact on trade efficiency and economic growth (t = -1.2402, p = 0.2179), indicating a nuanced relationship. Regression analysis suggests that perceived improvements in security measures could positively influence broader economic outcomes over time (Regression coefficients: const = 3.2033, Q9 = -0.1951). The study underscores the need for enhanced security measures to mitigate operational disruptions and improve efficiency. It highlights the importance of continuous investment in robust security frameworks and strategic collaboration among government agencies, private sector stakeholders, and international partners. Recommendations include establishing an integrated security framework, investing in technological infrastructure, implementing comprehensive training programs, enforcing regulatory reforms, and fostering public-private partnerships. Despite limitations such as sample size and geographical focus, the findings provide valuable insights for strengthening Nigeria's maritime security landscape and supporting sustainable economic development. The study concludes with suggestions for further research, advocating for longitudinal studies, sectoral analyses, and comparative assessments to deepen understanding of the complex interplay between maritime security and economic growth.