BUSINESS CHALLENGES OF COVID-19 PANDEMIC AND POTENTIAL STRATEGIES OF SUSTAINABILITY IN NIGERIA MARITIME SECTOR

Abstract

Maritime transport is the foundation of global supply chain connections and economic development with shipping and ports estimated to manage more than 80 per cent of world merchandise trade by volume and over 90 per cent by value, according to United Nation Conference on Trade and Development (UNCTAD) 2020. Consequently, when severed covid-19 pandemic occur, there are absolute disruption of transport networks and supply chain which hugely undermined international trade and economic activity. The covid-19 pandemic activates health and economic crisis with extensive consequences for maritime transport and trade. Restrictions imposed in response to the covid-19 pandemic have triggered disruptions affecting economic activity and trade in maritime sector which includes ports operations, shipping and supply chains. The strategic measures taken to control the spread of the corona virus disease and slowdown of economic activity and trade have significantly affect the maritime sector both locally and globally. Thus, the study assesses the impacts of covid-19 pandemic in business operations of Nigeria maritime sector. Hence, this study analyzes the sustainable response to get back to business fully in Nigeria maritime trade. This study was performed by reviewing the available published literatures, case studies, and various government and non-government agencies/organizations from reports and official websites, served as the frameworks of the study. From huge compilation of relevant studies, presentation of data and information which is vital to maritime business challenges of covid-19 pandemic and potential strategies of sustainability and meet study objectives. JEL: R40; R42; L20 Article visualizations: