Adegboyega Oyetola, Minister of Marine and Blue Economy, has called for the immediate review and removal of war risk insurance premiums imposed on vessels bound for Nigeria, describing the surcharge as outdated, unjust, and harmful to the nation’s competitiveness.
Oyetola appealed on Wednesday at the 3rd Annual Maritime Lecture of the Maritime Reporters Association of Nigeria (MARAN), held in Lagos.
Represented by Bolaji Akinola, Oyetola’s Special Adviser on Media and Communications, the Minister said Nigeria has earned the right to be delisted from global maritime high-risk classifications.
Highlighting the achievements of the two-year-old Ministry, Oyetola noted that Nigeria’s maritime industry has witnessed landmark reforms under his watch. These include the elimination of the long-standing Apapa gridlock, the launch of Africa’s first National Policy on Marine and Blue Economy, and the Federal Executive Council’s approval for the modernisation of Lagos and Tin Can Island Ports, with plans for the Eastern Ports also underway.
He revealed that agency revenues had 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.
Other milestones cited were the unlocking of the Cabotage Vessel Financing Fund to empower indigenous shipowners, the inauguration of a National Flag Carrier Technical Committee to deliver a private-sector-led national shipping line, and the scaling up of local fish production to boost food security and aquaculture.
On maritime safety, Oyetola said new inland waterway regulations, improved patrols, and stricter passenger vessel standards were already in place, alongside progress in search and rescue coordination.
Despite these strides, the Minister expressed dismay that Nigeria continues to pay war risk insurance premiums imposed by global underwriters, a surcharge he said has cost the nation an estimated $1.5 billion in recent years.
According to him, the charges are based on outdated perceptions of insecurity, even though Nigeria has recorded zero piracy incidents in the last four years, thanks to sustained investments in maritime security through the Deep Blue Project.
The Deep Blue Project, spearheaded by the Nigerian Maritime Administration and Safety Agency (NIMASA) in partnership with the Nigerian Navy, integrates air, land, and sea assets to provide real-time surveillance and interdiction.
Its success has been acknowledged internationally, earning Nigeria commendations from the International Maritime Organisation (IMO), the International Maritime Bureau, and removal from the International Bargaining Forum’s list of high-risk nations.
He assured stakeholders that his Ministry, in collaboration with NIMASA, is engaging global industry bodies, including BIMCO, the International Chamber of Shipping, and Lloyd’s, presenting empirical evidence of Nigeria’s security progress. He added that government efforts would continue through regular publication of security reports, stronger regional collaboration under the Yaoundé Architecture for Maritime Security, and promotion of local maritime insurance to retain value within Nigeria’s economy.
The Minister expressed optimism about the future of the sector, stressing that Nigeria’s blue economy is set to become a pillar of growth, jobs, and sustainability. He urged participants at the lecture to contribute their insights and recommendations to enrich government policy and strengthen strategies for the sector’s collective advancement.
