The Federal Government has commenced discussions with international insurers, including the International Chamber of Shipping and Lloyd’s of London, among others, to prove that Nigeria has secured its waters, in a bid to stop the huge loss of $1.5bn paid as war risk insurance premiums for Nigerian bond cargoes.
The Minister of Marine and Blue Economy, Adegboyega Oyetola, stated this on Wednesday in Lagos during the 3rd Annual Maritime Lecture MAMAL 2025, organised by the Maritime Reporters Association of Nigeria.
The event was themed, “Addressing the burden of war risk insurance on Nigeria’s maritime trade”.
According to a recent report by The PUNCH, the Nigerian Maritime Administration and Safety Agency announced that in the last three years, Nigerian importers have paid over $1.5bn to Lloyd’s of London, Protection and Indemnity Insurance, and other foreign insurance firms in war risk insurance premiums despite the reduction in piracy attacks in the Gulf of Guinea.
Reacting to this, Oyetola, represented at the event by his media aide, Bolaji Akinola, said the government would continue strengthening the nation’s maritime security architecture and share regular data-driven security reports with international underwriters.
