Cost of insurance on import to Nigeria drops from $5000 to$960

There are strong indications that the cost of insurance on imports to Nigeria has dropped from $5000 to $960.

The Chef of the Naval Staff, Awwal Zubairu Gambo, revealed this during the shipping of stripes of two Rear Admirals at the Naval Headquarters, Abuja, at the weekend.

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Nigeria was delisted from the piracy-prone countries by IBM in March 2022, leading to the removal of the War risk premiums and reduction in the cost of insurance from $5000 to $960 for Merchant Ships coming to Nigeria.

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According to the CNS, there has been a reduction in piracy in Nigerian waters, noting that the reduction in piracy was the reason Nigeria was delisted from Piracy Prone Countries by the International Maritime Bureau (IBM).

Cost, Insurance and Freight (CIF) is an international shipping agreement, which represents the charges paid by a seller to cover the costs, insurance and freight of a buyer’s order while the cargo is in transit.