By FIDELIS UGBOMEH
Concerned about unyielding campaign of Nigerian Maritime Administration and Safety Agency (NIMASA) under leadership Director General, Dr. Dayo Mobereola, to stop exorbitant and unjustifiable War Risk Insurance (WRI) premiums imposed by foreign insurance firms on Nigerian bound ships, Maritime Reporters Association Of Nigeria has organised a summit to find a lasting solution to the problem.
This is coming as the persistent drain of WRI on Nigerian economy, is estimated at about $500 million annually despite our secured waters.
It translates directly to higher costs for Nigerian importers and exporters, ultimately passed on to the ordinary citizen through her GH cost of goods in the open market.
The International Bargaining Forum (IBF) further validated this progress in 2023, delisting Nigeria from high-risk maritime nations.
Speaking on the 3rd Annual Maritime Lecture (MAMAL 2025), slated for August 28, 2025, at the Eko Hotel and Suites in Lagos with theme “Addressing Burden Of War Risk Insurance On Nigerian Maritime Trade”, Mr Godfrey Bivbere, President MARAN described the lecture as a rallying cry of stakeholder on implications of these unjust charges.
He explained that participants are expected to dissect every facet of this issue, from the perceived threats to the profound implications of persistent Extra War Risk Insurance (EWRI).
It will scrutinize the roles of classification societies like Lloyd’s of London and critically examine the contributions of core stakeholders, including NIMASA, the Nigerian Navy, and other maritime and security operators.
He stated that over 500 key stakeholders, including maritime security experts, shipowners, terminal operators, international shipping lines, diplomats, insurers, regulators, and legal experts are expected to grace the occasion.
