Maritime transport is very important to any nation in the world; it plays an important role in international and domestic trade. Hence, absence of this transport mode in a country will surely bring negative effects on its economy. Moreover, water transportation also plays an important role to compliment other modes of transport such as rail, road and air transport. Its capacity to carry heavy cargoes at less expensive cost makes other modes of transport and their infrastructures not to be overstretched. However, 6 major importance of maritime transportation are here below:
- It promotes trade and commerce: sea transportation supports the domestic economy through importation of raw materials and equipments or machines used by manufacturers. This is an important role it plays in the economy of any nation.
- It creates revenue and availability of finance: sea port transport generates a lot of money to the nation; it is a viable source of income that cannot be overlooked or undermined. For instance, in Nigeria, the Nigeria Sea Port source of revenue among others include, fees from registration of ship and mortgages, custom duties, port charges and tariffs realized by the Nigeria corporate taxes from shipping companies, fees for licensing and forward agents, registration of shipping and companies and so on.
- It develops economic related activities: sea port transport aids the growth of some industries which are purposely established because of maritime transport, such industries are associated to maritime industry, e.g. Shipbuilding Company, logistics, etc.
Banks may also be interested in financing shipping companies or acquisition of vessels. All of these are economic related activities to maritime industry.
- It creates employment opportunities: maritime transport plays important roles in economy of a nation because it creates employment opportunities for jobless people, thereby reducing social problems that can be caused by unemployment. Hence, the saying an idle hand is a devil workshop.
- It enhances industrial growth and development: it is important to note that some entrepreneurs prefer to locate their firms near seaport in order reduce the high cost of transportation and to enhance ease accessibility to raw materials.
- 6. It fosters international unity