SEREC advises FG on insurance burden
Nigeria has enhanced its shipbuilding and vessel maintenance capacity with the ongoing servicing of a Deep Blue Project asset at the Nigerdock facility, within the Snake Island Integrated Free Zone in Lagos.

The Director-General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Dr Dayo Mobereola, visited the Nigerdock facility over the weekend to assess maintenance work on the DB Lagos, a special mission vessel deployed for maritime surveillance and national security operations.

According to a statement issued after the visit by NIMASA’s Head of Public Relations, Osagie Edward, Mobereola noted during the inspection that the vessel plays a critical role in combating oil theft, smuggling, illegal immigration, and other maritime crimes within Nigeria’s territorial waters.

THIS is as the Sea Empowerment and Research Centre (SEREC) called on the Federal Government and the Nigerian Maritime Administration and Safety Agency (NIMASA) to initiate diplomatic and technical negotiations with global insurers to review the estimated $1 billion in yearly War Risk Insurance (WRI) premiums imposed on Nigeria, and to channel the gains from three years of improved maritime security into port, transport, and fisheries development.

The maritime research body lauded Nigeria’s achievement of three consecutive years without piracy attacks on vessels bound for its ports in the Gulf of Guinea, which is credited to the successful implementation of the Deep Blue Project.

However, in its bulletin dated July 4, 2025, and signed by its Head of Research, Eugene Nweke, which was made available to The Guardian yesterday, SEREC raised concerns about the opportunity costs of the financial investments made in maritime security.