NIMASA seeks abolition of ships’ War Risk Insurance | Dailytrust

NIMASA seeks abolition of ships’ War Risk Insurance

Bashir Jamo
Bashir Jamo

The Nigerian Maritime Administration and Safety Agency (NIMASA) has sought abolition of the War Risk Insurance imposed on ships coming into Nigeria.

Speaking Wednesday in Abuja during a visit to the Headquarters of Media Trust Limited, the publishers of Daily Trust, Aminiya and other titles, the Director General of NIMASA, Bashir Jamoh, noted that the War Risk Insurance for cargoes coming were in two forms.

He said: “The first form is the insurance of the sea fearers and the contents they are carrying as if the ship is headed for a war zone and this insurance is estimated at about $54 million plus $ 100 million kidnap insurance per annum, translating to N77 billion. The second form is the ship insurance, which also comes with a high premium.”

According to him, these charges bounce back on consumers since Nigeria does not manufacture about 90 percent of the things used domestically.

He said the removal of the insurance would make goods cheaper in Nigeria and improve the country’s economy.

“That is why we are launching a campaign against charging War Risk Insurance. Nigeria is not at war. If they are attacking your vessels, we have made tremendous efforts to see that is stopped and you have seen it. So remove it,” Jamoh said.

He described the Integrated National Security and Waterways Protection Infrastructure, also known as the Deep Blue Project, as a unique project which, according to him, is changing the narrative of maritime insecurity in Nigeria.

He said the Deep Blue Project had reduced piracy on the nation’s waters and the Gulf of Guinea.

He said from December 2020 to date, NIMASA had recorded ten attacks on ships “unlike prior to the period when at least one attack on ships is recorded on a daily basis, translating to an average of 30 attacks on vessels on Nigeria’s international waters.”

He said the improvement in security on Nigerian waters was partly due to NIMASA’s efforts towards bringing all security agencies together to safeguard the waterways.

Dear Reader,
Every day, we work hard to provide readers such as you with the most accurate, up-to-date, and comprehensive information. Quality journalism costs money. Today, we're asking that you support us to do more. Your support means that Daily Trust can keep offering journalism to everyone in the world. Sign up for as little as N1,000 to become a member. Learn more about our membership here

Bank transfers can be made to:
Zenith Bank
Media Trust Ltd

Please send details of your bank transfer to the email or Whatsapp number below so that we can contact you.

If you have any questions, please let us know.

Whatsapp: +234 806 990 3410