The Executive Secretary/CEO of the Nigerian Shippers’ Council, has delivered a goodwill message at the Maritime Reporters Association of Nigeria (MARAN) Annual Lecture, calling for a review and removal of war risk insurance surcharges imposed on vessels calling at Nigerian ports.
The lecture’s theme, “Burden of War Risk Insurance Surcharge on Nigerian Maritime Trade – A Case for Review,” reflects a critical concern shared by industry stakeholders, government agencies, and economic actors.
Despite remarkable progress in maritime security, Nigeria remains unfairly classified as a high-risk shipping zone, attracting exorbitant war risk insurance premiums and surcharges.
The Nigerian Shippers’ Council has consistently called for a review and removal of this war risk insurance surcharge, believing that it is no longer justifiable given the improved security metrics and Nigeria’s demonstrable commitment to safe shipping.
The Council 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.
The Executive Secretary/CEO emphasized the need for continued collaboration between government, the private sector, the media, and international partners to address this challenge.
He reaffirmed the Council’s commitment to building a cost-effective, secure, and competitive maritime sector that supports Nigeria’s economic growth and trade development.
The Nigerian Shippers’ Council’s advocacy for the removal or downward review of war risk insurance surcharges is a timely and necessary step towards reducing the cost of doing business in Nigeria’s maritime industry and promoting economic growth .
