Nigeria loses $26bn annually to piracy, sea robbery – Buhari

President Muhammadu Buhari said on Tuesday Nigeria loses about $26.3 billion annually to piracy, sea robbery, and other crimes within its maritime environment.

The President stated this at the inauguration of Falcon Eye Project, Nigerian Navy’s Strategic Maritime Surveillance System at the Naval Headquarters, Abuja.

Buhari, who was represented at the event by Vice President Yemi Osinbajo, said securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.

He stressed that Nigeria’s hydrocarbon resources which are largely domiciled in its maritime environment remain the mainstay of the country’s economy.

He said: “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. This is why the Falcon Eye project so important to us as a nation

“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.

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“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.

“The country’s hydrocarbon resources account for 55 percent of our GDP, 95 percent of our export earnings, and about 70per cent of government revenue.

“The threats within the Nigerian maritime environment including, piracy, armed attacks on ships, kidnapping for ransom, crude oil theft, smuggling, as well as Illegal Unregulated and Unreported Fishing (IUU) had taken more harmful dimensions to the economy and even the safety of citizens and commercial entities which used the maritime domain.

“It is estimated that Nigeria loses about $26.3 billion annually to various forms of criminality particularly piracy and sea robbery.

“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.”

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