Nigeria’s huge freight cost loss

Huge scale of cost revealed.

Nigeria Loses $6bn Freight Cost Yearly to Maritime Piracy

By Eromosele Abiodun

The federal government is losing $6 billion on freight cost yearly to piracy in Nigerian waters, the Secretary to the Government of the Federation (SGF), Mr Boss Mustapha, has disclosed.

Speaking in Lagos yesterday during the 2018 World Maritime Day celebration, Mustapha disclosed that the federal government plans to invest in maritime security and local capacity development to reduce maritime piracy in Nigerian waters so as to get a sizeable chunk of the N$6 billion (N2.16 trillion) of the annual freight cost for the country would be retained in the Nigerian economy.

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