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Lingering challenges, poor infrastructure undermine Nigeria s chances at IMO | The Guardian Nigeria News - Nigeria and World News — Business — The Guardian Nigeria News – Nigeria and World News

War Risk Insurance: Uniting for a common goal

Director-General, NIMASA, Bashir JamohThe reason underwriting firms around the world have given for the very high premium (the highest in the world) they place on cargoes coming to Nigeria has been the perception of the Gulf of Guinea as the most unsafe and least secure maritime environment in the world. This has seen Nigerians paying very exorbitant costs for imported goods and raw materials, for the simple reason that about 65 per cent of the merchandise that passes through the region come into the country. What this means is that for each imported product; for each made-in-Nigeria product manufactured with imported raw materials, Nigerians pay a high price because of the insecurity in the Gulf of Guinea.

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