Nigeria’s Maritime Insurance Premium Reduced by 81%

Nigeria's delisting from piracy-prone countries has resulted in a 81% reduction in the insurance premium for shipping companies, according to Vice Admiral Awwal Zubairu Gambo, the Chief of Naval Staff. The decrease in insurance costs from $5,000 to $946 is attributed to the country's locally made shipbuilding efforts, which have enhanced security and reduced piracy incidents.

The Chief of Naval Staff Gambo announced this during the signing of a MoU with NASENI to improve research and development and enhance security for Nigeria's blue economy. The agreement will promote mutual collaboration in training naval personnel in shipbuilding technology and engineering.