Article

Sustainable Compensation of Damage Accidents Economic Loss of Seaborne Oil and Trade in Nigeria

Department of Maritime Management Technology, Federal University of Technology, Owerri, Nigeria; nwokeditc@gmail.com; Kenneth.nnadi@futo.edu.ng; bonmilnigerialimited@gmail.com; c_onyemech@yahoo.com

https://doi.org/10.58531/ijest/1/1/3

Received: 3 August 2023 / Accepted: 6 September 2023 / Published: 6 September 2023

The study was carried out to develop models for the reservation of funds for sustainable compensation of offshore oil and gas damage accidents economic loss in Nigeria. The objective was to develop models to enable marine underwriters overcome the challenges of financial insolvency in the compensation of insured offshore accident risks, based on the coefficient of elasticity of compensation funds reserved for insured offshore oil and gas risks to the changes in economic consequences of offshore accidents over the years; as well as the coefficients of elasticity of offshore oil and gas accidents economic loss to growth in value of seaborne oil import and export trade between 1999 and 2019. Time series secondary data was used. The Log-log constant elasticity multiple regression models and the ordinary least square multiple regression method were used to analyze the data obtained. Empirical conditions for the reservation of compensation funds for sustainable indemnification of offshore oil and gas accidents economic loss in Nigeria were developed. The policy implications of the findings were discussed.

sustainable, compensation, offshore, accidents, economic-loss, Nigeria

Nwokedi T.C., Ugwu N.T., Boniface N.O., Chinedum O. Sustainable Compensation of Damage Accidents Economic Loss of Seaborne Oil and Trade in Nigeria. Int. J. Eng. Sci. Technol., 2023, 1(1), doi: 10.58531/ijest/1/1/3

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