By Steve Agbota, Igwe Chidinma, and Ajayi Favour
As part of efforts to end the huge loss of $1.5 billion paid as war risk insurance premiums for Nigerian-bound cargoes, the Federal Government said it has commenced discussions with international insurers, including the International Chamber of Shipping and Lloyd’s of London, to ensure that Nigeria is removed from the high-risk nations.
Part of the discussions is to prove that Nigeria has secured its waters up to the Gulf of Guinea, as there have been no piracy attacks within the nation’s waters in the last four years.
Speaking at the 3rd Annual Maritime Lecture MAMAL 2025 on Wednesday, August 27, with the theme, “Addressing the burden of war risk insurance on Nigeria’s maritime trade,” organised by the Maritime Reporters Association of Nigeria, the Minister of Marine and Blue Economy, Adegboyega Oyetola, said that the government would continue strengthening the nation’s maritime security architecture and share regular data-driven security reports with international underwriters.
Oyetola, who was represented at the event by his media aide, Dr Bolaji Akinola, said that the government would continue to deepen regional collaboration on the architecture for maritime security and develop local maritime insurers’ capacity to retain value within Nigeria’s economy.
“We must persist in making a robust and compelling case for removing this surcharge. My ministry, working with NIMASA, is actively engaging with BIMCO, the International Chamber of Shipping, and Lloyd’s of London, armed with empirical data that proves Nigeria has secured its waters. At the same time, we will continue to strengthen our maritime security architecture, share regular data-driven security reports with international underwriters, deepen regional collaboration on the architecture for maritime security, and develop local maritime insurers’ capacity to retain value within our economy,” he said.
According to him, over the past four years, Nigeria has recorded zero piracy incidents.
He pointed out that this unprecedented milestone is the result of massive Federal Government investments, notably the Deep Blue Project funded by the Nigerian Maritime Administration and Safety Agency (NIMASA), working in close partnership with the Nigerian Navy and other security agencies.
He said the Deep Blue Project integrates air, land, and sea assets in real-time surveillance and interdiction. Also speaking, the Executive Secretary of the Nigerian Shippers’ Council, Dr Pius Akutah, said that the council, as the Port Economic Regulator and a strong advocate for the protection of shippers’ interests, has consistently called for a review and removal of this war risk insurance surcharge.
Akutah, who was represented at the event by the Director, Regulatory Services at the NSC, Mrs Margaret Ogbonna, stated that based on the report, the NSC is working towards engaging with international underwriters, Lloyd’s Market Association, and P&I clubs, to advocate for a data-driven reassessment of the risk status of Nigerian waters.
“We will also engage-получать with NIMASA and other agencies to compile and present empirical evidence that clearly reflects the current security realities in our maritime domain,” he said.
Earlier, the President of MARAN, Mr Godfrey Bivbere, stated that as Nigeria strives to reposition itself as a hub of maritime excellence in West Africa, the persistent imposition of war risk premiums on vessels calling at its ports remains a significant obstacle to competitiveness, cost-efficiency, and investor confidence.
“It’s a burden that affects not just shipowners and terminal operators but also the entire value chain from importers and exporters to the average Nigerian consumer,” he said.