Shipping cost to Nigeria increases 60% as pirates’ attacks Continues

Cost of shipping goods to Nigeria has increased rapidly due to rising pirates’ attacks on vessels and crew on Nigerian territorial waters.

The attacks in recent times and the increasing cases of kidnapping of crewmembers of ships coming into Nigeria have made Nigerian waters a war-risk zone for ships and ship owners. The associated risks have further surged the insurance premium on vessels and crewmembers by almost 60 percent, BusinessDay gathers.

“Nigeria is categorised as a war-risk zone. Our insurance is more than three times the insurance of every other place in the world. The incidence has been on the rise, especially on kidnapping of the crew, which is making the shipping business very difficult. No crew of any vessel wants to go to the high sea on the Niger Delta area,” Aminu Umar, president, Nigerian Ship owners’ Association (NISA), said.

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