By Stella Okocha
Harboursandport.com:Lagos- August 28, 2025 The Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for the immediate review and removal of war risk insurance premiums imposed on Nigerian-bound vessels, insisting that Nigeria has earned the right to be delisted from global maritime high-risk classifications.
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| Special Adviser on Media and Communications To the Minister of Marine and Blue Economy Dr. Bolaji Akinola, |
He made this call while speaking at the 3rd Annual Maritime Lecture, MAMAL , organized by the Maritime Reporters Association of Nigeria ,MARAN, which held on Wednesday at Four Points by Sheraton, Victoria Island, Lagos,.
The Minister, who was represented by his Special Adviser on Media and Communications, Dr. Bolaji Akinola, highlighted the Ministry’s landmark achievements since its creation two years ago, describing the surcharge as outdated, unjust, and detrimental to the nation’s economic competitiveness.
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| Mr Bolaji Akinola and Mr Godfrey Bivbere |
Oyetola, the pioneer minister of the Ministry, records that Nigeria maritime landscape hav witnessed profound reforms since the ministry was created 2 years ago; ending the decades-long Apapa gridlock, launching Africa’s first National Policy on Marine and Blue Economy, a groundbreaking framework that provides a roadmap for shipping, fisheries, offshore energy, aquaculture, tourism, and maritime services.
He also announced that the Federal Executive Council had approved the modernisation of Lagos and Tin Can Island Ports, with plans for the Eastern Ports nearing completion. The Minister also acknowledged agency-generated revenues more than doubled within two years, from ₦700.79 billion in 2023 to ₦1.39 trillion in 2024, the highest in Nigeria’s maritime history.
He added that the long-stalled Cabotage Vessel Financing Fund had finally been unlocked to empower indigenous shipowners, while a National Flag Carrier Technical Committee had been inaugurated to deliver a private-sector-led national shipping line that would restore Nigeria’s pride in global shipping. He further pointed to progress in boosting local fish production to strengthen food security, supporting aquaculture in riverine communities, and reforming inland waterway safety through new regulations, improved patrols, search and rescue coordination, and stricter passenger vessel standards.
Despite all these achievements, the Minister have cried out on the burden of war risk insurance premiums imposed by international underwriters; stating that the charges are based on outdated perceptions of insecurity, which have cost the nation an estimated $1.5 billion in the last few years. He pointed that Nigeria’s narrative of piracy and armed robbery on its waters no longer reflects present realities; and the country have recorded zero piracy incidents due to sustained investments in maritime security, particularly through the Deep Blue Project.
Oyetola explained that the key global insurers, especially Lloyd’s of London, have remained reluctant in updating their risk classifications, leaving Nigeria and its consumers to shoulder unfair costs despite the Deep Blue Project, implemented by the Nigerian Maritime Administration and Safety Agency, NIMASA, in partnership with the Nigerian Navy, to integrates air, land, and sea assets to deliver real-time surveillance and interdiction.
"The success of this initiative has been acknowledged globally, earning Nigeria commendations from the International Maritime Organization, the International Maritime Bureau, and removal from the International Bargaining Forum’s list of high-risk nations."
He assured industry stakeholders that his Ministry, working closely with NIMASA, is engaging directly with BIMCO, the International Chamber of Shipping, and Lloyd’s, presenting empirical data to demonstrate Nigeria’s security progress. Aside this diplomatic push, he said "the government would continue to strengthen maritime security architecture, publish regular security reports, deepen regional cooperation under the Yaoundé Architecture for Maritime Security, and promote the development of local maritime insurance to retain value within Nigeria’s economy".
While delivering the welcome address, the President of MARAN, Mr Ewrhujakpor Godfrey Bivbere, stated that this year’s MAMAL theme could not be more timely or relevant; as Nigeria strives to reposition itself as a hub of maritime excellence in West Africa.
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| President of MARAN, Mr Ewrhujakpor Godfrey Bivbere |
He said the persistent imposition of war risk premiums on vessels calling at our ports remains a significant obstacle to competitiveness, cost-efficiency, and investor confidence.
'It is a burden that affects not just shipowners and terminal operators, but the entire value chain—from importers and exporters to the average Nigerian consumer. MARAN, as the voice of maritime journalism and advocacy, is proud to convene this forum where industry leaders, policymakers, security experts, and global partners can engage in robust dialogue. Our goal is clear: to explore actionable solutions, foster transparency, and galvanize collective effort toward lifting the war risk designation that has long shadowed our waters."
He also commended the unwavering commitment of the Federal Ministry of Marine and Blue Economy, NIMASA, the Nigerian Ports Authority, and our security agencies for their ongoing efforts to enhance safety and compliance across the ports and waterways, saying their work lays the foundation for a future where Nigerian trade can thrive without punitive insurance surcharges.
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