Piracy: Nigeria loses $1.5bn monthly – IMB

Gulf of Guinea, IUU fishing, Kidnap for Ransom, Maritime Security, oil products theft, Piracy, port security, Robbery, smuggling 1 Minute

Steve Agbota

Nigeria is losing an average of 400,000 barrels amounting to $1.5billion monthly to the activities of sea pirates according the latest study of the International Maritime Bureau (IMB).

According to the IMB, the loss represents almost 5 per cent of the country’s Gross Domestic Product (GDP), even as it listed the Gulf of Guinea as the most dangerous piracy zone for oil companies, with huge record of attacks in recent years.

The report indicated that the first quarter of 2020 was marked by a peak in maritime piracy worldwide, where the Gulf of Guinea recorded 21 of the 47 reported attacks.

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Source: sunnewsonline.com

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Published by Maritime Security News

I entered the maritime security world in 2009, becoming Intelligence Officer for Neptune Maritime Security (now the NeptuneP2P Group). In 2012, became piracy editor for SomaliaReport.com and in 2013 became editor of MarsecReview.com and intelligence consultant for CSO Alliance, which I left in 2019. I currently work with another UK maritime security firm as a consultant and have an interest in a cyber security concern in the UK. Need a maritime security report, article or advice on maritime cyber security? contact me at: marsecnews@gmail.com

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