The Federal Government has decried the unwarranted payments of $1.5 billion slammed on Nigeria bound ships in three years under the guise of War Risk Insurance Premium (WRIP).
Arguing that the Nigerian territorial waters which forms part of the dreaded Gulf of Guinea (GoG) had not experienced pirates attacks during the period under review, government posits that the country should be removed from the international list of WRIP payees.
Minister of Marines and Blue Economy, Adegboyega Oyetola, made the clarification, Tuesday in Lagos, while declaring open the third annual conference organized by the Maritime Reporters’ Association of Nigeria (MARAN).
Represented by his Special Adviser on Media and Communication, Dr. Bolaji Akinola, the Minister spoke while declaring open the annual MARAN Annual MARAN Lecture (MAMAL 2025, with the theme: ‘Addressing The Burden of War Risk Insurance on Nigeria’s Maritime Trade’.
Oyetola disclosed that as part of efforts to end the huge loss of $1.5 billion paid as war risk insurance premiums for Nigerian-bound cargoes, Government 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 list of high-risk nations.
Stressing that Nigeria has commenced moves to end the trend by setting up its own variant of Protection and Idemnity Club (P&I), he said the plan 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.
He added 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 our economy.
‘We must persist in making a robust and compelling case for the removal of this sore charge. 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’, Oyetola said.
Continuing, 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 at the event Chaired by notable maritime operator and ships owner, Eng. Greg Ogbeifun, 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 the agency will not relent on protesting the unfair treatment Nigeria bound ships were subjected to, saying the agency will compile and present empirical evidence that clearly reflects the current security realities in our maritime domain’.
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.
