Minister of Marine and Blue Economy, Adegboyega Oyetola, has called for the immediate review and removal of war risk insurance premiums imposed on vessels bound for Nigeria, labeling them outdated and a barrier to the nation’s economic competitiveness.
According to a statement from the Ministry Oyetola made the call while speaking at the 3rd Annual Maritime Lecture organized by the Maritime Reporters Association of Nigeria (MARAN) in Lagos.
Represented by his Special Adviser on Media and Communications, Dr. Bolaji Akinola, the Minister showcased transformative achievements in Nigeria’s maritime sector while advocating for Nigeria’s delisting from global high-risk maritime classifications.
Oyetola highlighted a series of landmark reforms since the creation of the Ministry of Marine and Blue Economy in 2023, including:
‘the resolution of the decades-long Apapa gridlock, which had hindered port productivity and deterred foreign investment, the launch of Africa’s first National Policy on Marine and Blue Economy, a comprehensive framework guiding shipping, fisheries, offshore energy, aquaculture, tourism, and maritime services.
‘Additionally, the Federal Executive Council has approved the modernization of Lagos and Tin Can Island Ports, with plans for Eastern Ports nearing completion, agency-generated revenues have soared from ₦700.79 billion in 2023 to a record-breaking ₦1.39 trillion in 2024, the highest in Nigeria’s maritime history.
‘The long-delayed Cabotage Vessel Financing Fund has been unlocked to empower indigenous shipowners, and a National Flag Carrier Technical Committee has been established to develop a private-sector-led national shipping line.
‘Progress in food security includes boosting local fish production, supporting aquaculture in riverine communities, and enhancing inland waterway safety through new regulations, improved patrols, and stricter passenger vessel standards’.
Despite these strides, Oyetola expressed concern over the persistent war risk insurance premiums, which have cost Nigeria an estimated $1.5 billion in recent years.
He argued that these charges, rooted in outdated perceptions of piracy, no longer reflect Nigeria’s improved maritime security.
The Minister credited the Deep Blue Project, implemented by the Nigerian Maritime Administration and Safety Agency (NIMASA) in collaboration with the Nigerian Navy, for achieving zero piracy incidents over the past four years.
He added that the success has earned Nigeria global recognition, including removal from the International Bargaining Forum’s high-risk list and commendations from the International Maritime Organization and the International Maritime Bureau.
Oyetola criticized global insurers, particularly Lloyd’s of London, for failing to update their risk classifications, leaving Nigerian consumers to bear unfair costs.
He revealed ongoing engagements with BIMCO, the International Chamber of Shipping, and Lloyd’s, backed by empirical data showcasing Nigeria’s security advancements.
The government is also strengthening maritime security, publishing regular reports, deepening regional cooperation under the Yaoundé Architecture, and promoting local maritime insurance to retain economic value.
Declaring the lecture open, Oyetola expressed optimism about Nigeria’s blue economy, emphasizing that the past two years demonstrate the power of vision and partnership.
He urged stakeholders to contribute recommendations to enrich government policies and advance the maritime sector. “The future is bright,” he concluded, reaffirming the government’s commitment to modernizing ports, empowering local operators, expanding fisheries, and positioning the blue economy as a cornerstone of growth, jobs, and sustainability for future generations.
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