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FG demands war risk fee removal on cargo

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By Okunloye Abiodun Segun

Nigeria has recorded no pirate attacks since the deep blue project's inception.

At the graduation program for the third batch of the Deep Blue Project, which includes the Maritime Security Unit, Armored Personnel Carriers of the Integrated National Security and Waterways Protection Infrastructure, and Technicians and Mechanics of Unarmed Area Vehicles, held in Port Harcourt, Rivers State, the Federal Government called on leading insurance companies around the world, including Lloyd’s of London, to stop collecting the War Risk Insurance costs on Nigeria. At the ceremony, Dr. Bashir Jamoh, the Nigerian Maritime Administration and Safety Agency (NIMASA) Director General, remarked that Nigeria had made significant progress toward eliminating piracy within its national seas and the Gulf of Guinea.

He believes that Nigeria is worthy of the consideration of global insurance companies to remove the requirement for war risk insurance on vessels and goods that are bound for Nigeria. The director general of NIMASA also revealed that Nigeria had not suffered a single attack by pirates ever since the deep blue project was initiated. He went on to say that the two most recent attempts by the pirates to operate within Nigerian seas were abortive.

Removal of the war risk insurance premium will improve the economy.

Jamoh additionally revealed that the installation of war risk insurance across all cargoes heading for Nigeria was a huge setback to the country’s economy due to the detrimental influence that it has on the cost of commodities in the market, which everyone feels. Because Nigeria relies heavily on imported goods and materials, the high cost of insurance premiums imposed as a penance for the insecurity of the seas at the time ultimately made consumer goods more expensive.

Though it is generally hard for any item that rises up to drop back down in Nigeria, However, he anticipates prices will fall after it is eliminated because of increased competition. As a result of Nigeria’s success in combating piracy with the aid of the cutting-edge deep blue project, the world community would appreciate the achievement. According to Jamoh, it is the message he is spreading around the globe because ever since the project was put into action, there has not been a single successful attack by pirates in Nigeria’s territorial waters.

Security condition of the country’s territorial water has been reformed.

Mu’azu Sambo, the Minister of Transportation, also spoke, reiterating the Federal Government’s excitement with the vastly enhanced security condition in the country’s territorial waters ever since the launch of the deep blue project and promising to continue the program. He explained that the majority of piracy and maritime crime is plotted on land, carried out on land, and the earnings are then brought to the land, according to intelligence analysis of the operations of pirates and sea criminals.

More so, the efforts of the marine security unit, particularly their supply chain, which are facilitated by the specialists of the armored personnel carriers, are indeed highly crucial and necessary in the overall deep blue architecture due to their involvement in destroying the operating structures of these criminals. He congratulated the graduates for making it through the intensive process and stated that all participants in the project were making an honest effort to ensure that it got off to a strong start.

Government and military agencies collaborate to launch the initiative.

Lastly, Sambo noted that the Deep Blue Project is unique because it is the first time that a civilian government entity is collaborating with military agencies, and more will be achieved with this. On the other hand, He exhorted the graduating service members to keep a greater motivation in the fulfilment of their tasks, as they will thereafter be sent to numerous operating regions. On the other hand, the Minister has assured that they will not waiver in their resolve to ensure that all welfare concerns are resolved as quickly as possible.


Related Link

NIMASA: Website

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Admin
9 months ago

FG demands war risk fee removal on cargo – Nigeria has recorded no pirate attacks since the deep blue project’s inception. – Express your point of view.

Abusi
Abusi
Member
9 months ago

Why are they putting war risk fee on cargoes? It is also another way to exploit the owners of the cargoes because it’s not comprehensible at all. There are a lot of money to be paid to clear their goods, such risk fee should be removed.

jdpumping
jdpumping
Member
9 months ago

This British will always find a way to enslave,exploit us why put war risk fee on all cargoes since the blue sea projects attack by piracy has been put on hold.

Tonerol10
Tonerol10
Member
9 months ago

FG demands war risk fee removal on cargo. The British will also like to take advantage of us in every opportunity they have. Why putting risk on cargo

theApr
theApr
Member
9 months ago

Global insurance companies should take Nigeria into account when deciding whether to eliminate the need for war risk insurance on shipments to the country.

Remi1
Remi1
Member
9 months ago

Nigeria depends significantly on imported goods and commodities; as a result, consumer items became more expensive. The high cost of insurance premiums was imposed as retribution for the time’s maritime insecurity.

Hassan Isa
Hassan Isa
Member
9 months ago

It is encouraging to see that Nigeria has achieved substantial headway toward its goal of eradicating piracy in the Gulf of Guinea and within its national seas.

Godsewill Ifeanyi
Godsewill Ifeanyi
Member
9 months ago

Global insurance firms should think about making Nigeria a safe destination without requiring additional coverage for conflict risk on ships and cargo headed there.

Adesanyaj72
Adesanyaj72
Member
9 months ago

The high cost of insurance premiums imposed as a penance for the instability of the seas at the time ultimately rendered consumer products more expensive for Nigeria, a country that relies significantly on imported goods and commodities.

Chibuzor
Chibuzor
Member
9 months ago

When determining whether or not to eliminate the requirement for war risk insurance on shipments to Nigeria, global insurance companies should take into consideration the situation in Nigeria.

Adeolastan
Adeolastan
Member
9 months ago

The idea of removing Nigeria from pay insurance policy on cargo coming to the country is a welcoming one,it will really boost our economy since most of the goods we use are imported and. huge amount of money is been paid on insurance and all this will still be added to cost of those goods and this will make the price of those goods high.

Haykaylyon26
Haykaylyon26
Member
9 months ago

Since the project of deep sea that we don’t experience any pirate attack so no attack is encounter war risk should be removed much money as been spent in clearing of goods

Nwachukwu Kingsley
Nwachukwu Kingsley
Member
9 months ago

The overwhelming bulk of piracy and other forms of maritime crime are planned on land, carried out on land, and the proceeds are subsequently transported to land.

Iyanu12345ogg
Iyanu12345ogg
Member
9 months ago

The high cost of insurance premiums was imposed as retribution for the time’s maritime insecurity. I support everything to ensure maximum protection of importation and exportation.

Christiana
Christiana
Member
9 months ago

Nigeria, which imports a lot of goods, paid extra for consumer items due to high insurance rates due to maritime instability.

Tolaniiii
Tolaniiii
Member
9 months ago

There should be no need for war risk insurance on exports to Nigeria, and global insurance companies should keep that in mind.

Bola12
Bola12
Member
9 months ago

It’s great to see that Nigeria has made significant progress toward its aim of ending piracy in the Gulf of Guinea and within its territorial waters.

Taiwoo
Taiwoo
Member
9 months ago

the graduating members of the military to maintain a higher level of motivation in the completion of their assignments, as they will thereafter be sent to a variety of different operating zones.

Kazeem1
Kazeem1
Member
9 months ago

Since the blue sea projects have been placed on hold due to piracy, the British government has instituted a war risk levy on all shipments and that’s sad.

Ultra0711
Ultra0711
Member
9 months ago

By assuming responsibility for matters that do not concern them, true federalists do not take things that do not belong to them.

SarahDiv
SarahDiv
Member
9 months ago

The deep blue sea project is truly a success with no record of pirate attack since the inception of the products. The civilian Government collaboration with the military over the deep blue sea project has yield positive result and I hope it will continue in this trend.

DimOla
DimOla
Member
9 months ago

The federal government in collaboration with the military have done a great job in ensuring sufficient security of the Nigerian water ways and the gulf of guinea through the initiated deep blue sea project.