The Minister of Marine and Blue Economy, Adegboyega Oyetola, CON, has called for the removal of war risk insurance surcharges on vessels calling at Nigerian ports.
The Minister, who was represented by his media aide, Dr. Bolaji Akinola, made the call at the MARAN’s 3rd Annual Maritime Lecture held in Lagos recently.
He described the surcharges as outdated and unjust, citing the country’s improved security record.
Oyetola highlighted Nigeria’s achievement of four years without piracy incidents under the Deep Blue Project. He believes this qualifies the country to be delisted from global high-risk classifications.
The Minister also highlighted the Ministry’s achievements since 2023, including Ending Apapa gridlock, Launching Africa’s first blue economy policy, Port modernization, Unlocking the Cabotage Vessel Financing Fund, Doubling agency revenues
The Executive Secretary of Nigerian Shippers’ Council, Dr. Akutah Pius, MON, represented by the Director Regulatory Services Department, Mrs. Margaret Ogbonna, supported the Minister’s call. She noted that despite improved maritime security, Nigeria has paid billions in premiums that inflate costs for shippers and consumers.
The NSC is committed to advocating for fairer treatment and reducing trade costs and calling for an urgent review of the surcharge to promote competitiveness in the maritime sector.
