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  • NIMASA vows to eliminate over $1.5bn in war risk premium on Nigerian-bound cargoes

NIMASA vows to eliminate over $1.5bn in war risk premium on Nigerian-bound cargoes

Published on March 28, 2025 at 10:14 AM

The Nigerian Maritime Administration and Safety Agency has vowed to eliminate Lloyd’s of London, Protection and Indemnity Insurance, and other foreign insurance firms in War Risk Insurance Premium on Nigerian-bound cargoes, which amounted to over $1.5 billion in the last three years.

The spokesperson of NIMASA, Osagie Edward, disclosed this in a statement on Thursday, noting that the current leadership of Dr. Dayo Mobereola was committed to improving the ease of doing business in Nigeria.

This comes as NIMASA stressed that security concerns, which justified this premium on Nigeria-bound cargoes, no longer exist.

He explained that for a very large crude carrier valued at $130m, “the WRI surcharge per voyage is approximately $445,000. For new container vessels valued at $150m, the cost rises to $525,000 per voyage.”;

“Although the Nigerian Bureau of Statistics does not have precise data on the total WRI payments made to international insurers, available figures indicate that Nigeria has paid over $1.5bn in the last three years alone to Lloyd’s of London, Protection and Indemnity insurance, and other foreign insurance firms,”; Edward said.

However, Edwards said the NIMASA Act and the Merchant Shipping Act mandate the agency to promote shipping development, and removing the WRI premium has become a central focus of its maritime reforms.

“The security concerns that originally justified these premiums no longer exist,”; Edward said.

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