Nigeria’s piracy loss

Huge scale of loss highlights the issues in region.

Maritime piracy: Nigeria loses US$2.74bn in four years

Piracy attacks in the Nigerian maritime domain are taking alarming toll on shipping in Nigeria’s territorial waters and the Gulf of Guinea. Aside earning the Nigerian waters the notorious status of been the most dangerous in the region, the situation was also said to be partially responsible for the nation’s bleeding economy as over US$2.74 billion was paid by the country in the past four years as insurance surcharges and other sundry surcharges imposed on Nigerian shipments simply because the country’s territorial waters is not safe for navigation.

These surcharges, Sunday Telegraph learnt, were passed on to the final consumers of goods and services imported into the country by the shippers.

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Source: hellenicshippingnews.com