Nigeria Loses $26.3bn Every Year to Maritime Insecurity – Buhari

President Muhammadu Buhari affirmed that Nigeria economy loses a sum of $26.3 billion, yearly to maritime piracy and other sea criminal related issues.

Buhari stated this during the inaugural function of Falcon Eye project, Nigeria Navy’s Strategic Maritime Surveillance System, at the Naval Headquarters, Abuja, on Tuesday.

According to the president, represented by the Vice President, Yemi Osinbajo, said securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.

“The maritime industry occupies a prominent position in the matrix of our vital economic interests and it encompasses activities ranging from fishing and resource exploration to marine research and shipping among other endeavours.

“Of all these activities, shipping stands out as a critical link in Nigeria’s international trade engagements because it is the cheapest and most efficient means of moving large volumes of goods.

“Given our economic aspirations and our commitment to international trade, ensuring the security of shipping lanes within, and proximate to our waters, is in our national interest.”

Furthermore, he said Nigeria’s hydrocarbon resources which are largely domicile in our maritime environment remain the mainstay of the nation’s economy.

“It accounts for 55 per cent of our GDP, 95 per cent of our export earnings, and about 70 per cent of government revenue.”

The president stated that in most recent years, some threats within Nigeria’s maritime environment had affected the economy in harmful dimensions and even the safety of citizens and that of the commercial entities.

“These include, piracy, armed attacks on ships, kidnapping for ransom, crude oil theft, smuggling, as well as Illegal Unregulated and Unreported Fishing (IUU).

“On account of the escalated risks in some of our maritime areas insurance premiums for commercial vessels coming to these areas have risen sharply making maritime trade an unattractive proposition.