The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for the immediate review and removal of war risk insurance premiums imposed on Nigerian-bound vessels.
Speaking at the 3rd Annual Maritime Lecture of the Maritime Reporters Association of Nigeria (MARAN), Oyetola described the surcharge as “outdated, unjust, and detrimental to the nation’s economic competitiveness.”
Oyetola’s demand comes on the heels of significant achievements in Nigeria’s maritime sector, including:
Record revenue generation: Agency-generated revenues more than doubled from ₦700.79 billion in 2023 to ₦1.39 trillion in 2024.
Maritime security: Zero piracy incidents recorded in the past four years due to sustained investments in maritime security.
Port modernization: Plans for the modernization of Lagos and Tin Can Island Ports, with Eastern Ports nearing completion.
The Burden of War Risk Insurance
Despite these achievements, Nigeria continues to bear the burden of war risk insurance premiums, estimated to have cost the nation $1.5 billion in the last few years.
Oyetola emphasized that Nigeria’s narrative of piracy and armed robbery on its waters no longer reflects present realities.
A New Era for Nigeria’s Maritime Sector
The Minister assured industry stakeholders that his Ministry is engaging directly with global insurers to update risk classifications and demonstrate Nigeria’s security progress.
He concluded his address on a note of optimism, declaring that the future of Nigeria’s blue economy remains bright .
