Nigeria Wants War Risk Insurance Scrapped for Visiting Ships

The Nigerian Maritime Administration and Safety Agency (NIMASA) is seeking the abolition of the War Risk Insurance imposed on ships coming into Nigeria. The War Risk Insurance for cargo is said to be taking place in two ways. The Director General of NIMASA, Bashir Jamoh said: "The first is the insurance of the sea fearers and the contents they are carrying as if the ship is headed for a war zone and this insurance is estimated at U.S.$54 to U.S.$64 billion annually, while the second form is the ship insurance, which also comes with a high premium." According to Jimoh, these charges bounce back on consumers since Nigeria does not manufacture about 90% of products used domestically. The removal of the insurance would make goods cheaper in Nigeria and improve the economy.

InFocus

AllAfrica publishes around 800 reports a day from more than 110 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.

X