Nigeria still bears the burden of war risk premiums, which had cost the country about $1.5 billion in recent years.
The Federal Government has therefore called for the immediate removal of war risk insurance premiums on ships coming to Nigeria.
Minister of Marine and Blue Economy, Adegboyega Oyetola, made the appeal on Wednesday in Lagos at the 3rd Annual Maritime Lecture of the Maritime Reporters Association of Nigeria (MARAN).
Oyetola who was represented by his Special Adviser on Media and Communications, Dr Bolaji Akinola, said that the charges, imposed when the country’s waters were unsafe, were no longer justified and were hurting trade.
The minster said that Nigeria had earned the right to be delisted from global maritime high-risk classifications sighting the
significant reforms and security strides made in that direction, particularly with the implementation of the Deep Blue Project, which had recorded zero piracy incidents in Nigerian waters in the last four years.
“These premiums are based on outdated perceptions. Nigeria has achieved enhanced maritime security, backed by data-driven evidence.
“Yet, ship owners continue to pay a price that undermines trade and investment,” Oyetola said.
The minister explained that the Deep Blue Project, implemented by the Nigerian Maritime Administration and Safety Agency (NIMASA) in partnership with the Navy, had delivered real-time surveillance and interdiction through integrated air, land, and sea assets.
This, he noted, earned Nigeria global commendations, including removal from the International Bargaining Forum’s high-risk list.
Oyetola said since the ministry was established in 2023, there had been some key achievements which include resolution of the decade-long Apapa gridlock.
Others are the launch of Africa’s first National Policy on Marine and Blue Economy, approval of port modernisation projects in Lagos, Tin Can Island, and Eastern Ports, as well a revenue generation by agencies under the ministry doubling from N700.79 billion in 2023 to N1.39 trillion in 2024, the highest in Nigeria’s history.
It also includes unlocking of the Cabotage Vessel Financing Fund to support indigenous ship owners, establishment of a technical committee for a private-sector-led national shipping line and reforms to boost aquaculture and inland waterway safety.
He disclosed that the ministry was engaging international bodies such as BIMCO, the International Chamber of Shipping, and Lloyd’s of London to present verifiable data and push for policy changes.
According to him, plans are also underway to strengthen local marine insurance, deepen regional cooperation, and sustain robust security reporting.
Oyetola expressed optimism about the future of Nigeria’s blue economy, pledging continued efforts to modernise ports, empower local operators, and make the sector a key driver of jobs, growth, and sustainability.
Earlier in his welcome address, MARAN President, Mr Godfrey Bivbere, commended the minister’s reforms but stressed that the continued imposition of war risk premiums was a major setback to Nigeria’s maritime trade.
“The persistent charges affect not just ship owners and terminal operators, but the entire value chain, from importers and exporters to the average Nigerian consumer.
“It undermines competitiveness, cost-efficiency, and investor confidence,” he said.
Bivbere explained that the annual lecture was convened to provide a platform for policymakers, industry leaders, and global stakeholders to exchange ideas and chart solutions.
“MARAN, as the voice of maritime journalism and advocacy, is proud to host this forum. The goal is clear; to galvanise collective effort toward lifting the war risk designation that has long shadowed Nigerian waters,” he said.
The lecture brought together security experts, government officials, and ship owners.
It also had in attendance other stakeholders committed to strengthening maritime reforms and ensuring that Nigeria fully reclaims its place as a maritime hub in West Africa.
