The Nigerian Maritime Administration and Safety Agency (NIMASA) has been criticized for its ineffective campaign against War Risk Insurance (WRI) premiums imposed on Nigerian-bound ships.
Despite claims of aggressive action, the financial drain on the economy continues unabated, estimated at $500 million annually.
Shipowners and importers bear the brunt of these unjustifiable premiums, with Nigeria losing $1.5 billion in WRI premiums over the past three years.
A Very Large Crude Carrier (VLCC) can incur a WRI surcharge of approximately $445,000 per voyage, while a new container vessel might face a hefty $525,000.
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NIMASA’s Director General, Dr. Dayo Mobereola, has stated his commitment to eliminating the exorbitant premiums, but the actual impact of their campaign remains questionable.
The agency’s discussions with international partners and promises to take the matter to the United Nations have yielded little results.
The Maritime Reporters Association of Nigeria (MARAN) is taking decisive action, hosting its 3rd Annual Maritime Lecture (MAMAL 2025) to expose the bitter truth and champion the cause of Nigerian stakeholders.
The event aims to dissect every facet of the issue and create a platform for collective action.
Nigeria has been officially removed from the list of piracy-prone countries by the International Maritime Bureau (IMB) in 2021, and further validated by the International Bargaining Forum (IBF) in 2023. Yet, foreign insurance companies like Lloyd’s of London and various P&I clubs continue to levy these war risk surcharges.
MARAN President, Mr. Godfrey Bivbere, has condemned WRI as an international fraud burdening the economy of Nigeria and other developing countries in the Gulf of Guinea.
MAMAL 2025 promises to draw over 500 key stakeholders, including maritime security experts, shipowners, terminal operators, and regulators.
While NIMASA talks to the UN, MARAN is bringing together the very people and organizations directly impacted, creating a platform for collective action and a more forceful demand for change.
The continued imposition of War Risk Insurance on Nigerian-bound vessels is an affront to the nation’s efforts in securing its maritime domain and a significant impediment to its economic growth.
