Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for the immediate removal of war risk insurance premiums imposed on Nigerian-bound vessels, describing the charges as “outdated, unjust, and detrimental to the nation’s economic competitiveness”.
The Minister spoke the third Maritime Reporters Association of Nigeria (MARAN) annual maritime lecture (MAMAL), represented by his Special Adviser (SA) on media, Mr. Bolaji Akinola, where he also highlighted his achievements since inception of office.
He emphasised that Nigeria has made significant progress in maritime security, with zero piracy incidents recorded over the past four years, thanks to initiatives like the Deep Blue Project implemented by the Nigerian Maritime Administration and Safety Agency (NIMASA) in partnership with the Nigerian Navy.
Despite this achievement, Nigeria is still burdened with an estimated $1.5 billion in war risk insurance premiums paid in the last few years. Oyetola assured stakeholders that his Ministry, working closely with NIMASA, is engaging directly with international organisations such as BIMCO, the International Chamber of Shipping, and Lloyd’s to demonstrate Nigeria’s improved security status.
The Minister highlighted the Ministry’s landmark achievements since its creation two years ago, including ending the decades-long Apapa gridlock, launching Africa’s first National Policy on Marine and Blue Economy, and modernising ports. “Agency-generated revenues have more than doubled within two years, from ₦700.79 billion in 2023 to ₦1.39 trillion in 2024”.
Oyetola also emphasised the government’s commitment to securing Nigeria’s waters, modernising ports, empowering local operators, and expanding fisheries to make the blue economy a pillar of growth, jobs, and sustainability.
He urged participants to contribute their recommendations to enrich government policy and strengthen strategies for the collective advancement of Nigeria’s maritime sector.