#Cargo Shipping Cost to Nigeria

[speedyfandetective]

"Reliable Freight shipping nigeria with Best4Shipping"

Description: Best4Shipping provides top-notch Freight shipping nigeria, ensuring safe and timely delivery of goods worldwide. Our comprehensive services include air, sea, and land freight options, tailored to your needs. With affordable rates, real-time tracking, and customs clearance assistance, we streamline the shipping process for businesses and individuals alike. Whether you're shipping large cargo or small packages, trust Best4Shipping for efficient, cost-effective freight shipping solutions to Nigeria.

[shapshapco]

Revolutionizing Logistics with On-Demand Delivery Services in Nigeria

The rapid growth of technology has brought convenience to almost every aspect of modern life, and logistics is no exception.On-demand delivery companies are leading the charge in transforming how goods and services move from point A to B. Whether you’re an individual sending a parcel or a business owner seeking seamless delivery solutions, the rise of on-demand delivery services has changed the game.

In cities like Lagos and across Nigeria, these services are becoming essential for e-commerce, small businesses, and even everyday needs. Here's a deep dive into how on-demand delivery companies, courier services, and delivery apps are redefining logistics.

The Rise of On-Demand Delivery Services

On-demand delivery services connect users with delivery companies or couriers in real time. Using an app or online platform, customers can book deliveries instantly, track their packages, and even customize the type of service they need.

These services cater to a range of needs, including: Parcel delivery for businesses and individuals.Food delivery from local restaurants and kitchens. E-commerce fulfillment for online retailers. Grocery delivery for households seeking convenience.

The beauty of on-demand delivery is its flexibility and speed. Companies operating in this space often ensure deliveries within hours, offering unmatched convenience.

Courier Services: The Backbone of LogisticsCourier services remain the backbone of the delivery industry. While traditional courier companies often focus on scheduled deliveries, on-demand courier services bridge the gap for urgent and same-day deliveries. These services are especially vital in bustling urban hubs like Lagos, where time is of the essence.

Businesses in Nigeria rely heavily on courier services for:

Document delivery: Important contracts, legal papers, and confidential files are delivered securely.

Product shipping: Small and large businesses use couriers to fulfill customer orders.

Personal deliveries: Individuals sending gifts, letters, or personal items.

On-Demand Delivery Apps: The Technology Driving Efficiency

Behind the convenience of on-demand delivery services lies robust technology. Delivery apps have transformed how users access and manage logistics services. With just a few taps, customers can:

Schedule pickups and drop-offs.

Choose from multiple service options (e.g., same-day, express, or standard).

Track deliveries in real-time.

Communicate with delivery personnel directly.

In Lagos and other parts of Nigeria, delivery apps are bridging gaps between customers and service providers. They cater to urban professionals, businesses, and even rural communities looking for reliable logistics solutions.

Popular Delivery Apps in Lagos and Nigeria

The demand for efficient logistics has spurred the development of several delivery apps tailored for the Nigerian market. Some notable players include:

Gokada

Initially known for its bike-hailing service, Gokada now offers efficient last-mile delivery solutions in Lagos. It is widely used by businesses for parcel deliveries and e-commerce fulfillment.

Kobo360

Focused on large-scale logistics, Kobo360 connects cargo owners with truck drivers, ensuring smooth transportation of goods across Nigeria.

Sendy

Sendy is gaining popularity for its easy-to-use platform that allows businesses and individuals to send parcels quickly.

Kwik Delivery

A popular choice in Lagos, Kwik Delivery focuses on same-day delivery services for small parcels and e-commerce needs.

ShapShap

ShapShap offers instant delivery for food, groceries, and small parcels, emphasizing convenience and speed.

Benefits of Using On-Demand Delivery Apps

Speed and Reliability: With real-time tracking and optimized routes, deliveries are faster than ever.

Cost Efficiency: Users can choose the most economical delivery option to suit their needs.

Convenience: Apps simplify booking, tracking, and payment, saving time for both individuals and businesses.

Scalability for Businesses: E-commerce companies can partner with delivery platforms to scale their operations seamlessly.

Addressing Challenges in On-Demand Delivery

Despite its growth, the on-demand delivery industry in Nigeria faces challenges:

Traffic Congestion: In cities like Lagos, traffic can delay deliveries. Companies are addressing this by using bikes for quick navigation.

Infrastructure Gaps: Poor road networks in some areas can impact service reliability.

High Operational Costs: Maintaining fleets and technology can be costly, but businesses are finding innovative ways to remain competitive.

The Future of On-Demand Delivery  Nigeria

The future of logistics in Nigeria looks promising, with continued investments in technology and infrastructure. On-demand delivery companies are likely to explore:

Drone Deliveries: For faster and more efficient service in hard-to-reach areas.

Electric Vehicles: To reduce operational costs and environmental impact.

AI and Machine Learning: To optimize delivery routes and improve customer experience.

As digital adoption increases, more Nigerians will embrace on-demand delivery apps for their convenience and efficiency. Businesses across industries—from retail to healthcare—will integrate these solutions to stay competitive.

Conclusion

On-demand delivery companies, courier services, and delivery apps are revolutionizing logistics in Nigeria, particularly in dynamic cities like Lagos. By offering fast, reliable, and tech-driven solutions, they cater to the evolving needs of individuals and businesses alike.

Whether you’re sending a package across town or seeking a delivery partner for your business, the on-demand delivery ecosystem ensures convenience is just a click away. As technology continues to evolve, expect even greater innovations in this fast-growing sector. Read more

[bscafrica]

From Nigeria to Djibouti: How Trade in Africa is Shaped by Certification Requirements

Africa is a rapidly growing region in global trade, increasingly important within the global supply chain. However, various African countries have implemented mandatory documentation requirements for foreign trade. From Nigeria to Djibouti ectn, many African countries have made cargo certificates essential to ensure safe and efficient trade. These documents, including the CTN (Cargo Tracking Note) and ECTN (Electronic Cargo Tracking Note), stand out as critical for secure transactions. Companies like BSC Africa support the logistics industry by facilitating these certification processes.

Importance of African Shipping Documents

African shipping documents are crucial to maintaining safe and organized trade for companies engaging in imports and exports across the continent. CTN, ECTN, and BSC certificates allow countries to trace shipments from origin to destination, curbing illegal trade and preventing revenue losses. These documents play a vital role in ensuring both security and regulatory compliance for each shipment.

In particular, Nigeria has mandated CTN and BSC certificates to enhance tax regulation, prevent smuggling, and support lawful trade practices. Djibouti, similarly, requires the ECTN certificate for all import transactions. As of 2023, this certificate is mandatory for every shipment to Djibouti ports, enabling transparent transfer of commercial data.

The Role of BSC Africa

Expert companies like BSC Africa play a crucial role in the certification process across Africa. BSC Africa provides logistics firms with guidance to streamline certification for exports and imports to the continent. This support allows companies to ensure regulatory compliance and optimize costs and time.

BSC Africa’s services include preparing accurate documentation and facilitating swift passage through customs and shipping processes, offering significant support at every stage of trade. With a vast network and expertise, BSC Africa ensures a secure, lawful process for companies entering African markets.

Scope of CTN, ECTN, and BSC Certificates

While African shipping documents vary by country, they generally include information on cargo type, quantity, value, and sender and receiver details. Each document must be acquired before shipment and verified by customs and port authorities, ensuring the shipment arrives on time.

CTN (Cargo Tracking Note): Mandatory in countries like Nigeria, this document enables tracking and aims to prevent illegal trade. The CTN also allows local authorities to access shipment details.

ECTN (Electronic Cargo Tracking Note): Digitally prepared, this document is mandatory in countries like Djibouti for regulated, transparent trade. ECTN contributes to the lawful conduct of imports across Djibouti and other African countries.

BSC (Bordereau de Suivi des Cargaisons): The BSC document enables tracking of cargo from the origin port to the final destination, required in several West African countries.

Impact of Shipping Documents on Trade in Africa

Shipping documents play a key role in facilitating and securing trade across Africa. Here are some effects on trade:

Increased Transparency: Certificates allow for end-to-end tracking of cargo, making trade processes more transparent.

Enhanced Security: Implemented to prevent illegal trade and smuggling, these documents support strict enforcement of customs and trade regulations.

Efficient Customs Procedures: Properly prepared documents speed up customs procedures, minimizing delays.

Economic Contribution: By controlling each stage of trade, these certificates help reduce tax losses and contribute to the local economies.

Conclusion

The rising importance of trade in Africa has made shipping documents indispensable across the continent. From Nigeria to Djibouti, the mandatory CTN, ECTN, and BSC certificates ensure secure, legal, and efficient trade. Companies like BSC Africa streamline these processes for exporters looking to enter the African market. These shipping documents contribute to Africa’s economic growth and foster the development of lawful trade throughout the continent.

[oceanandgeneral]

Seamless Shipping Solutions with Ocean and General Maritime Agencies Ltd: From Ireland

In the ever-evolving global trade landscape, efficient and reliable shipping solutions are crucial for businesses and individuals alike. Ocean and General Maritime Agencies Ltd specializes in providing top-notch shipping services from Ireland to Lagos, including trailer shipping. Our comprehensive approach ensures that your goods reach their destination safely and on time. In this blog, we will delve into the intricacies of shipping between Ireland and Lagos, explore the benefits of our trailer shipping services, and highlight why Ocean and General Maritime Agencies Ltd is your go-to partner for all your shipping needs.

The Significance of Shipping Between Ireland and Lagos

1. Strategic Trade Route

Shipping between Ireland and Lagos is a vital trade route that connects Europe with West Africa. This route facilitates the exchange of goods, promotes economic growth, and strengthens international relations. As a key player in this trade network, Ocean and General Maritime Agencies Ltd ensures seamless and efficient shipping operations, contributing to the success of businesses on both ends.

2. Diverse Cargo Handling

Ireland exports a wide range of goods to Lagos, including machinery, pharmaceuticals, food products, and textiles. Conversely, Lagos exports commodities like oil, cocoa, and agricultural products to Ireland. Our expertise in handling diverse cargo types ensures that all shipments, regardless of their nature, are managed with utmost care and precision.

3. Economic Impact

Efficient shipping services between Ireland and Lagos play a significant role in boosting the economies of both regions. By facilitating trade, creating jobs, and encouraging investment, Ocean and General Maritime Agencies Ltd contributes to the economic prosperity of Ireland and Nigeria.

Comprehensive Shipping Services from Ireland to Lagos

1. Container Shipping

Container shipping is a reliable and efficient method for transporting goods between Ireland and Lagos. At Ocean and General Maritime Agencies Ltd, we offer comprehensive container shipping Ireland lagos ensure the safe and timely delivery of your cargo. Our modern container fleet is equipped to handle various types of goods, including perishables, machinery, and bulk items.

2. Roll-On/Roll-Off (RoRo) Shipping

RoRo shipping is an ideal solution for transporting vehicles and heavy machinery. This method allows cargo to be driven on and off the vessel, minimizing handling and reducing the risk of damage. Our RoRo services provide a cost-effective and efficient way to ship cars, trucks, and industrial equipment from Ireland to Lagos.

3. Trailer Shipping

Trailer shipping is a specialized service offered by Ocean and General Maritime Agencies Ltd, catering to businesses and individuals who need to transport trailers between Ireland and Lagos. Our trailer shipping services ensure that your trailers are securely loaded, transported, and delivered to their destination with the highest level of care.

The Benefits of Trailer Shipping with Ocean and General Maritime Agencies Ltd

1. Flexibility and Convenience

Trailer shipping offers flexibility and convenience, especially for businesses involved in logistics, construction, and manufacturing. By shipping trailers, you can transport a wide range of goods, from construction materials to finished products, in a single, secure unit. Our trailer shipping services provide a hassle-free solution for your transportation needs.

2. Cost-Effective Solutions

Shipping trailers can be a cost-effective option compared to shipping individual items separately. By consolidating your goods into trailers, you can reduce handling costs, minimize the risk of damage, and streamline the shipping process. Ocean and General Maritime Agencies Ltd offers competitive rates and customized solutions to meet your budget requirements.

3. Enhanced Security

Trailers provide an added layer of security for your goods during transit. Our trailer shipping services ensure that your trailers are securely loaded, locked, and monitored throughout the journey. This reduces the risk of theft, damage, and loss, giving you peace of mind knowing that your cargo is in safe hands.

4. Timely Deliveries

At Ocean and General Maritime Agencies Ltd, we understand the importance of timely deliveries. Our trailer shipping services are designed to ensure that your cargo reaches its destination on schedule. With our extensive network, efficient logistics, and dedicated team, we guarantee reliable and punctual deliveries from Ireland to Lagos.

Why Choose Ocean and General Maritime Agencies Ltd for Your Shipping Needs?

1. Expertise and Experience

With years of experience in the shipping industry, Ocean and General Maritime Agencies Ltd has the expertise to handle all your shipping requirements. Our knowledgeable team is well-versed in the intricacies of international shipping, customs regulations, and logistics management. We leverage this expertise to provide you with seamless and efficient shipping solutions.

2. Comprehensive Services

We offer a wide range of shipping services to cater to your specific needs. From container and RoRo shipping to specialized Trailer shipping Ireland, our comprehensive services ensure that all your cargo is handled with care and precision. Our end-to-end solutions cover every aspect of the shipping process, from documentation and customs clearance to transportation and delivery.

3. Customer-Centric Approach

At Ocean and General Maritime Agencies Ltd, our customers are at the heart of everything we do. We prioritize your satisfaction by providing personalized services, transparent communication, and proactive support. Our dedicated team works closely with you to understand your requirements and deliver customized solutions that exceed your expectations.

4. State-of-the-Art Technology

We leverage state-of-the-art technology to enhance our shipping operations. Our advanced tracking systems, efficient logistics software, and modern fleet ensure that your cargo is transported safely and efficiently. By staying at the forefront of technological advancements, we continuously improve our services to meet the evolving needs of our customers.

5. Commitment to Sustainability

We are committed to sustainability and environmental responsibility. Ocean and General Maritime Agencies Ltd adopts eco-friendly practices in our shipping operations to minimize our carbon footprint. By choosing our services, you contribute to a greener and more sustainable future.

Conclusion

Shipping between Ireland and Lagos has never been easier with Ocean and General Maritime Agencies Ltd. Our comprehensive shipping services, including container, RoRo, and trailer shipping, ensure that your cargo is transported safely, efficiently, and on time. With our expertise, experience, and customer-centric approach, we are your trusted partner for all your shipping needs.Explore our services today and discover the benefits of choosing Ocean and General Maritime Agencies Ltd for your shipping requirements. Whether you're a business looking to streamline your logistics or an individual seeking reliable transportation solutions, we have the expertise and resources to meet your needs. Trust us to deliver your cargo with care and precision, from Ireland to Lagos and beyond.

[technologycompanynews]

Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - BLOGGER https://www.merchant-business.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?feed_id=155275&_unique_id=66b057a436f15 Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024.The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent billions of naira through various interventions with no result.According to records, import duty on the grain was increased from 50 per cent in 2012 to 110 per cent in January 2013 to discourage importation of the grain and encourage local production, which was only three million tonnes as at 2012.However, it was learnt that global rice shortage had worsen exports of premium varieties due to a surge in freight costs, foreign exchange and series of attacks on commercial ships by Iran-backed Houthi militants since the January 2024.Besides freight cost, it was also revealed by the Thai Rice Exporters Association (TREA)that the price of parboiled rice has been increased from $501 per tonne to $593 per tonne in July 31, 2024.Findings revealed that domestic production had slumped by 37.4 per cent or 3.1 million tonnes from 8.3 million tonnes to 5.2 million tonnes within two years because of the activities of bandits in the country.According to rice miller’s, there is no enough paddy rice in Nigeria for the production in commercial quantities as they attributed it to the withdrawal of services at the farms by farmers due to insecurity.As a result of this, Deputy Chairman of All Farmers Association of Nigeria (AFAN), Mr Shakin Agbayewa, noted that local rice production could only meet 57 per cent of the 6.5 million tonnes consumption.He noted that rice sellers were repackaging local rice into foreign bags to sell at a higher price, adding that a situation where home based rice is repacked as foreign was not good for the country.Also, the Lagos State Chairman, Rice Farmers Association of Nigeria (RIFAN), Raphael Hunsa, stressed the need to boost local rice production, saying the country needed more people in rice production.Hunsa said: “We need to encourage more people, especially youths, to be engaged in rice cultivation. Presently, local rice is not available to meet the growing demands.The Lagos State rice mill at Imota, which can produce 33,000 metric tonnes of rice per hour, is set up for the benefit of Lagos residents. “However, as we speak, the mill does not have enough rice paddy to kick off operations.“Whereas the rice farmers in Lagos State need support to cultivate rice without dependence on outside state sources, we need increased support to also attract more rice farmers into the sector and to encourage existing farmers,” he said.The chairman added that the Lagos State Government sourced paddy for rice mills in Kebbi, Kaduna and other northern states. Presently, 50kg of foreign rice, long grains, sells at N76,000 per bag, while short grain, depending on the quality, is sold between N75,000 and N80,000.A bag of 50kg foreign rice was sold for between N45,000 and N60,000 as of November and December 2023. Rice was part of the items previously restricted by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the official window, however, because of the new federal Government’s decision to suspend import duty on the grain, importers, who have ordered for 2.2 million tonnes can now bring the cargo to the country.Meanwhile, the Federal Government had created centres across the country where Nigerians could purchase a 50kg bag of rice for N40,000.According to the Minister of Information and National Orientation, Mohammed Idris, this is one of several initiatives by the President Bola Ahmed Tinubu’s administration to ease living conditions for citizens.The minister added: “For example,

at the last Federal Executive Council meeting, we announced that 20 trucks had been given to each state governor for onward distribution to those who actually needed them to the poorest of the poor in society.“Rice is also being sold at about 50 per cent of its cost. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000.”“Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between…”Source Link: https://newtelegraphng.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?utm_source=rss&utm_medium=rss&utm_campaign=q424-nigerians-to-pay-n1-95trn-on-rice-importation http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/IMG-20240406-WA0028.jpg BLOGGER - #GLOBAL Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024. The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent … Read More

[internetcompanynews]

Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - BLOGGER https://www.merchant-business.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?feed_id=155273&_unique_id=66b05682666ce Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between August and December 2024.The increase in importation of rice is largely due to Federal Government’s failure with regard to agriculture where it has spent billions of naira through various interventions with no result.According to records, import duty on the grain was increased from 50 per cent in 2012 to 110 per cent in January 2013 to discourage importation of the grain and encourage local production, which was only three million tonnes as at 2012.However, it was learnt that global rice shortage had worsen exports of premium varieties due to a surge in freight costs, foreign exchange and series of attacks on commercial ships by Iran-backed Houthi militants since the January 2024.Besides freight cost, it was also revealed by the Thai Rice Exporters Association (TREA)that the price of parboiled rice has been increased from $501 per tonne to $593 per tonne in July 31, 2024.Findings revealed that domestic production had slumped by 37.4 per cent or 3.1 million tonnes from 8.3 million tonnes to 5.2 million tonnes within two years because of the activities of bandits in the country.According to rice miller’s, there is no enough paddy rice in Nigeria for the production in commercial quantities as they attributed it to the withdrawal of services at the farms by farmers due to insecurity.As a result of this, Deputy Chairman of All Farmers Association of Nigeria (AFAN), Mr Shakin Agbayewa, noted that local rice production could only meet 57 per cent of the 6.5 million tonnes consumption.He noted that rice sellers were repackaging local rice into foreign bags to sell at a higher price, adding that a situation where home based rice is repacked as foreign was not good for the country.Also, the Lagos State Chairman, Rice Farmers Association of Nigeria (RIFAN), Raphael Hunsa, stressed the need to boost local rice production, saying the country needed more people in rice production.Hunsa said: “We need to encourage more people, especially youths, to be engaged in rice cultivation. Presently, local rice is not available to meet the growing demands.The Lagos State rice mill at Imota, which can produce 33,000 metric tonnes of rice per hour, is set up for the benefit of Lagos residents. “However, as we speak, the mill does not have enough rice paddy to kick off operations.“Whereas the rice farmers in Lagos State need support to cultivate rice without dependence on outside state sources, we need increased support to also attract more rice farmers into the sector and to encourage existing farmers,” he said.The chairman added that the Lagos State Government sourced paddy for rice mills in Kebbi, Kaduna and other northern states. Presently, 50kg of foreign rice, long grains, sells at N76,000 per bag, while short grain, depending on the quality, is sold between N75,000 and N80,000.A bag of 50kg foreign rice was sold for between N45,000 and N60,000 as of November and December 2023. Rice was part of the items previously restricted by the Central Bank of Nigeria (CBN) from accessing foreign exchange at the official window, however, because of the new federal Government’s decision to suspend import duty on the grain, importers, who have ordered for 2.2 million tonnes can now bring the cargo to the country.Meanwhile, the Federal Government had created centres across the country where Nigerians could purchase a 50kg bag of rice for N40,000.According to the Minister of Information and National Orientation, Mohammed Idris, this is one of several initiatives by the President Bola Ahmed Tinubu’s administration to ease living conditions for citizens.The minister added: “For example,

at the last Federal Executive Council meeting, we announced that 20 trucks had been given to each state governor for onward distribution to those who actually needed them to the poorest of the poor in society.“Rice is also being sold at about 50 per cent of its cost. This rice has been taken to various centres across all the states of the federation and is being sold at N40,000.”“Despite the suspension of 110 per cent import tariff by the Federal Government, Nigerian merchants are to pay (N1.95 trillion) $1.3 billion to ferry 2.2 million tonnes of rice between…”Source Link: https://newtelegraphng.com/q424-nigerians-to-pay-n1-95trn-on-rice-importation/?utm_source=rss&utm_medium=rss&utm_campaign=q424-nigerians-to-pay-n1-95trn-on-rice-importation http://109.70.148.72/~merchant29/6network/wp-content/uploads/2024/08/IMG-20240406-WA0028.jpg Q4’24: Nigerians To Pay N1.95trn On Rice Importation - Notice Today Web - #GLOBAL BLOGGER - #GLOBAL

[speedyfandetective]

Fast and Reliable Air Cargo to Nigeria with Best4Shipping

Best4Shipping specializes in Air cargo nigeria, offering fast, secure, and cost-effective services for all your shipping needs. Whether you're sending commercial goods or personal items, we ensure timely delivery with trusted air freight carriers. Our services include real-time tracking, customs clearance assistance, and door-to-door delivery. Choose Best4Shipping for efficient air cargo solutions to Nigeria, providing peace of mind every step of the way.

[alihamza0473283]

Navigating the Fast Lane: Expedited Shipping from the USA to Nigeria

In an era where global commerce thrives on speed and efficiency, the demand for fast shipping services has never been higher. Whether it's a critical business shipment or a personal package, customers expect their items to arrive swiftly and securely. For Nigerians seeking goods from the United States, the need for reliable and rapid shipping solutions is particularly pronounced. Check out: Ship cheaply from Canada to Nigeria Fortunately, the landscape of international shipping has evolved to accommodate these demands, with various options available for expedited shipping from the USA to Nigeria.

Understanding the Need:

Nigeria, one of Africa's largest economies, boasts a burgeoning consumer market with diverse interests and tastes. From electronics and fashion to healthcare products and beyond, the desire for goods sourced from the USA is widespread among Nigerian consumers. However, the geographical distance between the two countries presents logistical challenges, often resulting in prolonged shipping times and uncertainties.

In today's fast-paced world, delays in delivery can have significant implications for businesses and individuals alike. Whether it's meeting production deadlines or fulfilling customer expectations, the efficiency of the shipping process directly impacts success. Recognizing this, shipping providers have introduced expedited services tailored to meet the urgent needs of customers shipping from the USA to Nigeria.

Expedited Shipping Options:

Express Couriers: Leading international courier companies offer expedited shipping services that prioritize speed and reliability. With options like DHL, FedEx, and UPS, customers can expect deliveries within a matter of days rather than weeks. These services often include features such as real-time tracking, insurance coverage, and customs clearance assistance, ensuring a seamless shipping experience from door to door.

Air Freight: For businesses with larger shipments or time-sensitive cargo, air freight presents a viable option for expedited delivery. Freight forwarders specialize in consolidating shipments and coordinating air transportation to ensure swift transit. While air freight may incur higher costs compared to standard shipping methods, the trade-off in speed and efficiency can be well worth it for those prioritizing timely delivery.

Hybrid Solutions: Some shipping providers offer hybrid solutions that combine the speed of air transportation with the cost-effectiveness of ocean freight. By leveraging a combination of air and sea routes, these services optimize transit times while minimizing expenses. This approach is particularly beneficial for businesses with regular shipping needs or bulk cargo requirements.

Overcoming Challenges:

Despite the advancements in expedited shipping services, challenges persist, especially when shipping internationally. Customs procedures, import regulations, and documentation requirements can create complexities that delay shipments and increase costs. Click here for: Ship cheaply from USA to Nigeria To mitigate these challenges, it's essential for shippers to work with experienced freight forwarders or logistics partners who understand the intricacies of international trade.

Moreover, communication and transparency play vital roles in ensuring a smooth shipping process. Clear communication between shippers, carriers, and recipients helps pre-empt potential issues and facilitates timely resolution when problems arise. Real-time tracking and status updates provide visibility into the shipping journey, instilling confidence and trust in the process.

Conclusion:

Expedited shipping from the USA to Nigeria offers a lifeline for businesses and individuals seeking fast, reliable delivery of goods. With a range of options available, from express couriers to air freight and hybrid solutions, customers can choose the service that best aligns with their priorities and budget. While challenges may arise along the way, proactive planning, effective communication, and strategic partnerships can help navigate these obstacles and ensure a seamless shipping experience. As global commerce continues to evolve, expedited shipping will remain a cornerstone of international trade, connecting markets and fuelling economic growth across borders.

For more information regarding Ship cheaply from the UK to Nigeria visit our website: https://www.respectmart.com/

[hardynwa]

2024: Nigerian ports need new economic policy reforms – Shipper

A shipper, Rev. Jonathan Nicole, says the nation’s ports need drastic economic policy reforms in 2024 to be more viable and competitive. Nicole disclosed this to newsmen on Thursday in Lagos. Nicole, a former President, Shippers Association of Lagos State, called for the restructuring of the Ministries, Departments and Agencies (MDAs). He added that government agencies not needed in the port should return to their various ministries. Nicole also urged the Minister of Marine and Blue Economy, Mr Adegboyega Oyetola, to work towards achieving this feat. “The restructuring of the MDAs would bring dramatic progress into the port. “The management of the Nigerian Ports Authority has also called for the reduction of the MDAs in the port. “We agree with them. They are the owners of the port and they know those that are relevant in dealing with port issues. “Shippers associations across the country will offer their support to the introduction of a new Port Order and restructuring of the method of rules of engagement into the sector. “The informal sector of the economy should be encouraged,” he said. Nicole described the present situation as pathetic, adding that most importers had lost their properties used in securing bank loans. He attributed their failure to repay the loans to policy somersaults. Nicole said the maritime sector was pioneered by traders, importers and exporters as well as manufacturers. He noted that the 2023 was characterised by outrageous taxes and duties due to targets given to the Nigeria Customs Service. Nicole added that the fluctuation in foreign exchange rate affected importers and manufacturers grossly in 2023. “Cost of clearing skyrocketed to a strangulating proportion. Some importers abandoned their goods due to inability to raise additional funds to meet choking demands. “The 400 per cent increase in terminal charge is another herculean challenge for shippers depending on the volume of cargo involved. “We are hopeful as the Nigerian Shippers’ Council executive secretary settles down, an equitable price regime will be re-introduced to replace the current system,” he said. He noted that with the high cost of doing business in the port, importers had no choice than to either continue or relocate to a more sane environment. “The moment some of these obstacles and pressures are eliminated, the industry would flourish and become highly competitive,” he said. He listed some of the abnormal pressures as high cost of diesel and fuel, tax regimes, introduction of tax returns, closure of small and medium businesses by the Corporate Affairs Commission and unrealistic tax reforms. Others, according to him, are reduction in terminal charges and shipping costs, reduction in customs duty tariffs, costs of haulage of goods, and total stoppage of closure of ports due to unnecessary industrial activities, among others. Read the full article

[kewalramnigeria]

Tips To Pick The Right Transportation Service Provider For Your Needs

Professional transport services can help you grow your company, regardless of whether you are operating an internet store or a corporation focused on potential commercial markets. In reality, they are the strategic logistics allies that can strengthen SMEs to improve their operations and procedures. For example, if you are in Nigeria, selecting the best local transportation company and Foton Vehicles in Nigeria is therefore essential.

The most crucial advice for selecting the top logistics and transportation partner is provided in this article.

Background and references

Conducting a thorough inquiry before working with the transport firm is best. Examine online reviews from past clients to determine their professionalism and reputation. Expert transporters should have Foton commercial vehicles in Lagos Nigeria, to accommodate needs for professional transportation.

Experience does matter

Largely experienced transportation companies typically have the necessary skills and know-how to do the job quickly. They instruct their personnel on the efficient yet speedy modes of transportation, so both they and you benefit from time savings. Also, when searching for good transport services, check if they have ElectricMass-Transit Buses in lagos.

Decide the budget

Actually, depending on the kind of product you are going to shift, the price may vary. Additionally, the cargo's delicateness or weight will determine this. Skilled packers and movers will examine these variables and inform you how much the entire transfer would cost.

Safety is important

Which commodities are you planning to move? Are those fragile enough that you require a specialized shipping service? Selecting the best transport firm requires careful consideration of the items' safety. Select a transporter that offers Heavy duty trucks for sale in lagos to ensure products' safety.

Time is essential

When selecting a transport business, delivery timeframes are a major factor. Find out how long the transportation process will take overall from the transporter. In an emergency, reputable, professional transport firms should be able to accommodate your needs.

Final thoughts

Selecting a transportation service provider is important for your business, so be careful when selecting a transportation partner.

[clickvibes]

FG Slashes Wage By N100bn, Labour Kicks

Labour unions, on Wednesday, lambasted the Federal Government for slashing the supplementary budgetary allocation for wage awards to federal civil servants by N100bn, warning that this was not the agreement they had with the government. Data obtained from the newly Revised 2023 Supplementary Budget, indicated that the government swapped the controversial N5bn presidential yacht votes for Navy barges, increased the budget for defence from N476.54bn to N546.21bn and earmarked N20bn as capital supplementation for the National Intelligence Agency. The PUNCH reports that the recently approved N2.1tn 2023 Supplementary Budget was marred with controversy following the discovery of seemingly extravagant items, forcing an amendment by the National Assembly. In the proposed document, the four-month wage award was to cost the Federal Government around N210bn. However, the approved and newly revised document showed that it would now cost the Federal Government about N110bn. Also in the revised budget, the Ministry of Defence budget rose from N476.54bn to N546.21bn, indicating an additional allocation of N69.67bn. Under the ministry, the Nigerian Navy, which was earlier caught up in the controversial N5.095bn for the purchase of a presidential yacht, got an additional N25bn to its total allocation. Its total allocation rose from N62.8bn in the proposed supplementary budget to N87.8bn in the approved document. It also observed that the presidential yacht was replaced by the purchase of a self-propelled barge with the same amount of N5.095bn. Self-propelled barges are cargo-carrying vessels specifically engineered for operation on inland waterways. The Nigerian Navy also got extra allocation for the construction of two buildings in Enugu and Ebonyi worth N3bn each. About N19bn was also allocated for the purchase of two tugboats, which are used to pull or push other large ships for manoeuvring or salvage purposes. The Defence Intelligence Agency got an extra N30bn to its total allocation, from N17.04bn in the proposed document to N47.04bn in the approved copy. The PUNCH further observed that allocations to the Office of the National Security Adviser, headed by Nuhu Ribadu, increased by N20.3bn from N29.7bn to N50.02bn. Similarly, the purchase of official vehicles for the office of the First Lady valued at N1.5bn remained in the budget, while the education loan fund for funding student loans was increased to N10bn from N5.5bn previously allotted. Recall that the Federal Government, as part of steps to assuage labour unions, had granted a wage award of N35,000 to all Federal Government workers “beginning from September pending when a new national minimum wage is expected to have been signed into law.” President Bola Tinubu had declared during his Independence Day speech that “low-grade workers” in the federal civil service would be awarded a wage of N25,000. The amount was then increased to N35,000 following discussions with the organised labour unions. However, civil servants received a single payment of N35,000 for September only and not for two months as promised. It is still unknown why the Federal Government decided to slash the allocation of wage awards for federal workers, but the Nigeria Labour Congress and the Trade Union Congress warned that this would be resisted. NLC, TUC warns govt Commenting on the development, the Assistant General Secretary, Nigeria Labour Congress, Chris Onyeka, said the agreement was for the government to raise the wages of federal civil servants and not to reduce them. He said, “Are you saying they cut down the wage awards by N100bn? Well, we have been talking about the high cost of governance and if they decided to reduce their bills by cutting down their numerous aides and assistants, that’s alright. “But if it is that they don’t want to pay workers what they are supposed to pay, then there is a problem. How can you subject workers to further reductions in their salaries? No way! We agreed to a wage award of N35,000 to all federal workers, so the wage award has to increase.” Also speaking, the Head of Information, NLC, Benson Upah, said, “We were not informed before this was done. However, this behaviour is not inconsistent with the psychology of this government. It’s sad!” The Trade Union Congress warned the Federal Government against playing games with the wage award for Nigerian workers. The National Deputy President, TUC, Tommy Etim, said, “The government cannot play games with the wage award because it was an agreement reached with the organised labour and the instrument of agreement reached was deposited in the court. “The government is the manager of funds and our business is to ensure compliance to the agreement is reached.” Efforts to get the Presidency to speak on why the award was reduced were unsuccessful, as officials contacted at the villa could not provide any explanation at the time of filing this report. Tinubu had during his Independence Day speech assured Nigerians that low-grade workers in the federal civil service would be awarded a provisional wage increase of N25,000 for the next six months. The amount was then increased to N35,000 following discussions with organised labour organisations, as this led to an increase of the wage bill to N315bn. The agreements made the organised labour suspend its proposed nationwide strike for 30 days, following the signing of a Memorandum of Understanding with the Federal Government. But the NLC President, Joe Ajaero, had added a caveat that the unions would revisit the agreement if the Federal Government failed to fulfil their demands. The PUNCH had reported that civil servants under the Consolidated Public Service Salary Structure received a single payment of N35,000 for September only and not for two months as promised. “Yes, I did receive it. I saw the alert about 15 minutes ago. I think it is for September because the alert indicated September,” a civil servant, who spoke on condition of anonymity, had confirmed last month. Another civil servant had said, “Yes, I have seen mine too but we are expecting to see another alert because the President said it would start from September. So maybe another one will come, which will read October.” With the accelerating inflation rate in Nigeria, workers had urged the Federal Government to give them fair compensation at the time it planned to review the minimum wage in Nigeria. Workers, who spoke to The PUNCH, lamented that the escalating inflationary pressures were taking a serious toll on their finances, eroding their purchasing power. A civil servant, who identified himself as Opeyemi, said the economic situation was becoming unbearable because most of the prices of food in the market had increased. He claimed the amount he spent weekly on transport fares to the office had tripled. He noted that though the Lagos State Government had promised some palliatives, he was not sure if other workers in other states were receiving that also. https://punchng.com/fg-slashes-wage-by-n100bn-labour-kicks/?amp Read the full article

[themarketinsights]

Marine Software Market Rewriting Long Term Growth Story | ABS Nautical Systems, BiT Dealership Software, Marina Master

Advance Market Analytics published a new research publication on “Global Marine Software Market Insights, to 2028” with 232 pages and enriched with self-explained Tables and charts in presentable format. In the study, you will find new evolving Trends, Drivers, Restraints, Opportunities generated by targeting market-associated stakeholders. The growth of the Marine Software market was mainly driven by the increasing R&D spending across the world.

Major players profiled in the study are:

BiT Dealership Software, Inc. (United States), Green Ship Technologies (India), ShipNet (Norway), Marina Master (Slovenia), Sedni (Spain), Logimatic (Denmark), BASS Software Ltd (Norway), SpecTec (Cyprus), DNV GL (Norway), ABS Nautical Systems (United States), Mastex Software Bv (Netherlands)

Get Free Exclusive PDF Sample Copy of This Research @ https://www.advancemarketanalytics.com/sample-report/103716-global-marine-software-market?utm_source=Benzinga&utm_medium=Vinay

Scope of the Report of Marine Software

The software system enables the companies to cut the costs, improve efficiency and safeguard compliance across an entire fleet operation. All communication flows between ship and office, clearly in one system can be managed through the software. It secures a constant communication and data management between the main office and the vessels. It revolutionizes the way fleet ship management operates and offers a strong foundation for solid company growth. The shipping business today deals with various systems and complex processes when it comes to Fleet Ship Management. Using different systems means using a lot of time and risking several mistakes as go along. The software can be used by both newbuilding and ships in operation.

The Global Marine Software Market segments and Market Data Break Down are illuminated below:

by Type (Navigation, Monitoring, Management (Fleet, Quality & Safety, Accounting, Fire Safety, and Others), Analysis, Others), Application (Cargo, Boats, Yachts, Ship, Others), Deployment Mode (On Premises, Cloud Based), End-Use (Large Enterprises, SMEs)

Market Opportunities:

Increasing Investment by Major Players to Provide the Solution

Increasing Efficiency of Inspections and Maintenance

Market Drivers:

Expanding the Adoption of Cloud-Based Software Services

Companies Are Investing In Platforms or Tools to Be Used In Centralized Administration

Market Trend:

Rising Number of Marine Fleet Management Service Companies in Asia Pacific

Adoption of IT solutions in Marine Industry

What can be explored with the Marine Software Market Study?

Gain Market Understanding

Identify Growth Opportunities

Analyze and Measure the Global Marine Software Market by Identifying Investment across various Industry Verticals

Understand the Trends that will drive Future Changes in Marine Software

Understand the Competitive Scenarios

Track Right Markets

Identify the Right Verticals

Region Included are: North America, Europe, Asia Pacific, Oceania, South America, Middle East & Africa

Country Level Break-Up: United States, Canada, Mexico, Brazil, Argentina, Colombia, Chile, South Africa, Nigeria, Tunisia, Morocco, Germany, United Kingdom (UK), the Netherlands, Spain, Italy, Belgium, Austria, Turkey, Russia, France, Poland, Israel, United Arab Emirates, Qatar, Saudi Arabia, China, Japan, Taiwan, South Korea, Singapore, India, Australia and New Zealand etc.

Have Any Questions Regarding Global Marine Software Market Report, Ask Our Experts@ https://www.advancemarketanalytics.com/enquiry-before-buy/103716-global-marine-software-market?utm_source=Benzinga&utm_medium=Vinay

Strategic Points Covered in Table of Content of Global Marine Software Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Marine Software market

Chapter 2: Exclusive Summary – the basic information of the Marine Software Market.

Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Marine Software

Chapter 4: Presenting the Marine Software Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.

Chapter 5: Displaying the by Type, End User and Region/Country 2017-2022

Chapter 6: Evaluating the leading manufacturers of the Marine Software market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile

Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions (2023-2028)

Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

Finally, Marine Software Market is a valuable source of guidance for individuals and companies.

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Thanks for reading this article; you can also get individual chapter wise section or region wise report version like North America, Middle East, Africa, Europe or LATAM, Southeast Asia.

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[ahafia]

HOW TO KNOW YOUR SHIPPING FEE FROM CHINA TO NIGERIA USING AIR CARGO | CALCULATE YOUR LANDING COST

Calculating the shipping fee from China to Nigeria using air cargo and understanding your landing cost involves several steps. The cost can vary based on factors such as the weight of your shipment, the departure and destination airports, shipping method, and any additional services required. Here’s a guide to help you calculate your landing cost: Step 1: Gather Information Before you can…

[forwardaircargo]

SHIPPING FROM DUBAI TO NIGERIA

Shipping from Dubai to Nigeria: Reliable Air and Sea Freight Solutions for Personal and Commercial Cargo & Cars

Nigeria, located on the western coast of Africa, is a vibrant country with a booming economy. Efficient cargo and car transportation services are crucial for personal and commercial ventures in the country. The major ports of Lagos, Port Harcourt, and Calabar serve as key gateways for international trade, while international airports such as Murtala Muhammed International Airport provide convenient air connections.

When it comes to shipping personal and commercial cargo, including cars, from Dubai to Nigeria, Forward Air Cargo Service and Clearance LLC is your trusted logistics partner. With their extensive experience in air and sea freight, they provide efficient and reliable transportation services to ensure your shipments reach Nigeria safely and on time.

Air Freight: Forward Air Cargo Service and Clearance LLC understands the importance of timely delivery, especially for time-sensitive cargo. They have established strong relationships with reputable airlines, enabling them to offer expedited air freight services from Dubai to Nigeria. From the moment your goods are collected to their final delivery, their team manages every aspect of the air shipping process. They handle documentation, packaging, and loading, ensuring a smooth and efficient journey for your cargo.

Sea Freight: For larger shipments or when cost-effectiveness is a priority, Forward Air Cargo Service and Clearance LLC provides reliable sea freight services from Dubai to Nigeria. Their extensive network of shipping partners ensures competitive rates and dependable transportation solutions. Their experienced team handles all aspects of sea shipping, including container loading and unloading, documentation, and compliance with international shipping regulations.

Car Shipping: Forward Air Cargo Service and Clearance LLC specializes in the transportation of various types of cargo, including cars and vehicles. They understand the specific requirements involved in shipping vehicles and ensure proper handling and securing throughout the journey. Whether you need to ship personal cars or commercial vehicles, their team has the expertise to handle your transportation needs with care and professionalism.

Forward Air Cargo Service and Clearance LLC takes pride in their commitment to secure and timely deliveries. They prioritize the safety and security of your shipments and offer tracking and monitoring services to keep you informed throughout the transportation process. While customs clearance is required for shipments to Nigeria, Forward Air Cargo Service and Clearance LLC has established reliable partnerships with trusted customs agents at the destination. They will handle all necessary customs procedures, documentation, and paperwork to ensure a smooth clearance process.

Choose Forward Air Cargo Service and Clearance LLC for shipping from Dubai to Nigeria, and experience their dedication to customer satisfaction, competitive rates, and personalized service. Contact them today to discuss your shipping requirements and enjoy a seamless freight service to Nigeria.

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Reliable Network and Partnerships: Forward Air Cargo Service and Clearance LLC has established strong partnerships with reputable airlines, shipping lines, and local agents in both Dubai and Nigeria. These collaborations allow them to offer reliable and cost-effective shipping options while maintaining the highest level of service quality and customer satisfaction.

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For more www.forwardair-cargo.com #nigeria #apapa #tincan #aircargo #seacargo #landcargo #airfreight #seafreight #airshipping #seashipping #airtransport #seatransport #container #shipping #cargo #containershipping #shippingcontainer #cargoindubai #forwardaircargo #shippingindubai #logistics

[nhlkscargo]

10 Things About Shipping Freight From London To Nigeria You Should Know

Preparing to ship freight from London to Nigeria requires some research and planning. After all, you'll need to secure the right type of vehicle for your cargo, find reliable shipping agents in both countries and be sure that you comply with any applicable customs regulations. But there's no need to worry – by the time you finish reading this post, you will know all the intricacies of sending goods overseas! Let's look at some tips and tricks for ensuring smooth sailing on this important journey. (Information credit: http://hlkscargonigeria.com/freight-from-london-to-nigeria/)

1) Choosing the Right Vehicle

Make sure that you choose a vehicle appropriate for your cargo. Size and weight are important considerations, as is whether or not you need refrigeration to protect temperature-sensitive items. Researching international transport companies in London and Nigeria can help you determine which type of vehicle will best suit your needs.

2) Securing Reliable Shipping Agents

Once you know the type of vehicle you need, it's time to secure reliable shipping agents for sending Freight from London to Nigeria. Contact several international transportation companies to compare prices and services and read customer reviews before making a decision. You should also ensure they are familiar with relevant customs regulations for each country.

3) Complying With Customs Regulations

Before sending anything to Nigeria, you must comply with Nigerian import regulations. This means that all items should be properly labelled and documented before shipping. Additionally, some items may require an import permit or inspection before being allowed into the country. Working with experienced agents can help ensure your cargo is properly documented and meets all applicable customs regulations.

4) Tracking Your Cargo

Once your cargo arrives, you can track its progress online or through the shipping agent. This allows you to monitor where it is at any given time and ensure it arrives when expected. It also provides peace of mind knowing your items are safe and sound en route.

5) Arranging for Delivery

When your cargo arrives in Nigeria, you must arrange for delivery. This involves coordinating with a local transport company to bring it from the port of entry to its final destination. Have all your documents and permits to ensure that the process runs smoothly. Additionally, if you are sending something valuable or temperature-sensitive, consider arranging for additional security.

6) Working With a Professional

Working with a professional shipping agent can save you time and money while ensuring your cargo arrives safely. Agents are familiar with all the regulations and processes involved in international shipping, which means they can handle the details so you don't have to. This lets you focus on other aspects of your business or life while your cargo is in good hands.

7) Budgeting for Shipping

Finally, it's important to budget for the cost of shipping freight from London to Nigeria. This includes vehicle rental fees, transport company fees, and customs duties or taxes. Additionally, these costs should also be considered if you're arranging for additional security or refrigeration services. By considering all these costs ahead of time, you can ensure that your shipment arrives without any surprises.

8) Ensuring Safety and Quality

Before shipping, it's crucial to ensure your cargo is correctly packaged. This helps protect against damage while in transit and ensures that the goods remain safe once received. Additionally, you should ensure all necessary paperwork is complete, which will help speed up customs clearance. By following these steps, you can ensure that your shipment will arrive safe and sound.

9) Making the Most of Your Experience

Shipping freight from London to Nigeria can be a complicated process. However, with the right research & preparation, you can ensure your shipment arrives safely and on time. Working with an experienced agent can help make the entire process smoother while tracking technology allows you to monitor progress without worry. You can make the most of your international shipping experience by following these tips.

10) Finding a Reliable Shipping Agent

A reliable shipping agent can make shipping freight from London to Nigeria easier and more efficient. They should know relevant customs regulations and processes and have experience with all aspects of international shipping. It would help if you also took time to research various agents for their prices, services and delivery schedules so that you can be sure to find the best one for your needs. With a reliable shipping agent on your side, you can rest assured knowing that your cargo will arrive safely and on time.

With the right research and planning, shipping freight from London to Nigeria can be easy and stress-free. Just make sure you choose the right vehicle for your cargo, secure, reliable agents on both ends, comply with customs regulations, track your cargo's progress, arrange for delivery once it arrives, and budget for all costs associated with the shipment. With these steps, you can ensure that your freight arrives safely and on time.

[juniperpublishersoceanography]

Sea Piracy and Armed Robbery in the Gulf of Guinea and Its Effect on Shipping Cost and Nigeria’s Economic Growth

Authored by:  Anyanwu Okechukwu Julius

Abstract

Purpose: The Due to the increasing rate of economic damages of insecurity to the Nigerian maritime industry with cases of loss of revenue to the federal government occasioned by; high freight charges for Nigeria bound cargoes, high insurance premium chargeable on both ships and cargoes, coming to Nigerian and total boy-cut of the Nigerian ports by most shipping lines. The researcher has been led to carry out research on sea piracy and armed robbery in the Gulf of Guinea and its effect on shipping cost and Nigeria’s economic growth. This research was set out to realize some specific objectives, while research hypotheses were formulated in this regard to address the objectives of this study.

Design/methodology/Approach: The research adopted ex-post facto design. Data were sourced through secondary means from Nigeria Maritime Administration and Safety Agency’s (NIMASA) statistical bulletin, EViews version 12 statistical, forecasting, and modeling was used and simple regression analysis was used to model the relationship between the dependent and independent variables in the research hypothesis which was tested at 5% level of significance.

Findings: The result of the analyses indicated that the model shows that piracy inversely relates with economic growth of Nigeria. It also found out that there is significant relationship between piracy and armed robbery and the cost of shipping due to premium paid because of piracy activities.

Originality/value: This research has X-rayed that Nigeria’s maritime sector is bedeviled by various crimes related activities that affect revenue generation and contribution from this sector. Effective ways of curbing this menace have been highlighted in this work. This paper will provide NIMASA reasonable information with the activities of pirates in the Nigerian waters and how to curb their excesses and may act as a working document.

Keywords: Sea piracy; Armed robbery; Shipping cost; Economic growth

    Introduction

Background Information

Shipping has for a long time been recognized as one of the strong catalysts for socio-economic development. This means of transport mode is one of the cheapest and efficient means of transportation over a long distance. However, shipping operations have suffered a lot of challenges in insecurity along its maritime domain and corridors. Armed attacks against ships in the oil-rich Gulf of Guinea surged in 2018, making these waters off west and central Africa the world’s most dangerous maritime route. The United States (U.S) office of Naval Intelligence (ONI) documented 146 incidents of piracy and armed robbery in the Gulf of Guinea in 2018, a 24% increase over 2017 records. The increase in these attacks confirms that the gulf of Guinea’s status as the main locus for maritime insecurity in Africa, which had long been associated with the Horn of Africa, particularly Somalia. Rising piracy and armed robbery in the Gulf of Guinea reflects the region’s growing prominence in global maritime trade, as well as capacity and coordination gaps among the region’s navies [1].

The economic effects of piracy extended beyond littoral states to land-locked countries, which depend on these ports for their imports and exports. According to the United Nations Assessment mission on piracy in the Gulf of Guinea, the annual loss to the economy of west African sub region of piracy is estimated at $2billion [2]. In Nigeria, Piracy threatens the vital fishing industry and regional trade, and long with bunkering, reduces oil revenue and therefore potential financial support for the Delta region [1]. This study will analyse the effect of sea piracy and armed robbery on cost of shipping and Nigeria economic growth and assess the relationship between piracy and the Gross Domestic Products from maritime generated activities. The overall objective of this report is to provide a clear understanding of the relationship between the effect of sea piracy and armed robbery and the nation economy.

Problem Identification

Nigeria is a major force in international trade, with 70 percent of goods coming to west and central Africa destined to Nigeria, out of which 80 percent of the traded goods are transported by sea (UNCTAD, 2009). Therefore, the study of Maritime Domain Safety is crucial to the sub-region. Nigeria remains the hotspot of piracy in Africa. In 2016, the International Chambers of Commerce (ICC) recorded an increase of 157% in Nigeria alone (14 in 2015 compared to 36 piracy attacks in 2016), Abhyankar [3]. Nigeria account for over 60% of total seaborne traffic for the 16 nations in the West African sub-region [4], as warning to mariners in and near Nigeria waters become more common, increased shipping cost for Nigeria and Gulf of Guinea destinations are likely as shippers begin to pack higher insurance premiums into their pricing.

Because increase shipping costs are typically passed onto consumers, they are likely to be inflationary pressures for vital goods and services throughout the region if Nigeria piracy persists. Despite the attacks on Western oil interests, piracy in Nigeria receives less attention than in other regions of the world. Without external pressure and with a federal government either unwilling or unable to act, piracy is likely to increase as a result, conditions in Delta region will continue to deteriorate for many of its inhabitants, providing more incentive for individuals with limited economic opportunities to turn to maritime crime. Piracy and armed robbery have been seen as having serous effect on the economic activities of Nigeria especially high level of premium paid and cost of movement of goods and services not considering the loss of lives and properties within the regions in the Gulf of Guinea. Against the backdrop of this incidence, this work is on the sea piracy and armed robbery in the Gulf of Guinea and its effect on cost of shipping and Nigeria’s economic growth.

Objectives

The aim of the study is sea piracy and armed robbery in the Gulf of Guinea and its effect on Nigeria’s economy.

The specific objectives include:

• To analyses the extent cost of ransom on Premium paid affects shipping cost.

• To investigate the relationship between sea piracy and Nigeria’s economic growth.

Research Hypotheses

HO1: There is no significant relationship between the cost of ransom and Premium paid by shipping companies.

HO2: There is no significant relationship between sea piracy and Nigeria’s economic growth?

Justification of Study

The information from the study would assist the Federal government of Nigeria, Ministries of Petroleum and Transport (Maritime), International Oil and Shipping Companies on how to curb piracy attack in and around Nigeria waterway. It would assist Production and Marine Companies on how to operate and protect their business assets from eminent attack by pirates. Assist regional body like ECOWAS and East African Community (EAC) to adopt similar measures used in curbing piracies and criminality in the Gulf of Aden or Arabian Peninsula.

Scope of the study

From the diagram above, the light-yellow area of the Gulf of Guinea of the map shows the of the activities of pirates that is majorly under attempted attack within the period of this investigation (research work) (Figure 1). Also, the deep yellow colour area of the map shows the of the activities of pirates that is majorly boarded to commit crimes and robbery attack within the period of this investigation (research work). While the blue area of the Gulf of Guinea of the Gulf of Guinea map shows the activities of pirates that is majorly under firing on vessels by the pirates and armed robbers attack within the period of this investigation (research work). The activities are majorly in the area linking Ibadan, port Harcourt and within the surroundings. However, the pink colour area of the guinea map shows the activities of pirates that is majorly under hijacking of vessels by the pirates and armed robbers attack within the period of this investigation (research work). The activities are majorly in the area linking port Harcourt and with the Gulf of Guinea.

    Related Literature Review

Economic impacts of piracy on the Commercial Shipping Industry

Most of all international trade is transported by sea, both in terms of Value and weight [5], while millions of people make use of maritime transport for travel and recreation [6]. The presence of pirates in several regions around the world affects maritime transport. The economic impacts of sea piracy on commercial shipping are derived from both the threat of piracy and the consequences of actual attacks. The threat of attacks has prompted changes in vessel management, including routing, speed, and scheduling adjustments; provoked the application of various security measures, including the use of armed guards and the installation of citadels and razor wire, among other equipment; and raised the cost of insurance, including both ‘war risk’ and ‘kidnap and ransom’ insurance premiums [7]. The impact of actual attacks has resulted in the payment of ransoms for kidnapping and hijackings not covered by insurance; and incurred losses due to damage to or theft of the crew’s belongings, cargo, and the vessel [8].

The economic impact on regional nations

Countries bordering with Gulf of Guinea, suffers the greatest regional economic impact of piracy. Between 2006-2018 piracy negatively impacted maritime trade, tourism, and stability in the Region, as discussed below. The international community has increasingly taken note of piracy in the Gulf of Guinea due to the growing threat this activity represents, not only to the lives of sailors, but to both the regional and global economy. Since they derive their profits from the sale of oil and other goods rather than the ransoming of hostages, pirates in the Gulf of Guinea have proven to be significantly more violent than their Somali counterparts. Vessels are frequently sprayed with automatic weapons fire, and the murder of crew members is not uncommon. Recent events indicate that these pirates are even willing to attack vessels with security personnel aboard, evidenced by the recent killing of two Nigerian sailors guarding an oil barge. Given that pirates are now adopting heavier weapons and more sophisticated tactics, this violence is only likely to increase [9].

Beyond the bloodshed, the expansion of piracy in the Gulf of Guinea poses a dire threat to local economies, potentially undermining what little stability currently exists in the region. Oil revenue, which many countries in the region rely upon, is seriously threatened by pirate activity; 7 percent of Nigeria’s oil wealth is believed lost due to such criminality. Additionally, instability in the Gulf has sharply decreased revenue collected from trade; Benin, whose economy depends on taxing ships entering the port of Cotonou, has experienced a 70 percent decline in shipping activity due to piracy. Furthermore, as piracy drives up insurance premiums for international shipping companies, the price of imported goods in the region could spike, further imperilling local economies. If these local economies falter, development and stability in the region could quickly deteriorate [10].

However, the effects of piracy in the Gulf could well extend far beyond Africa, with potential ramifications for the larger global economy and the United States in particular. The estimated 3 million barrels of oil produced daily by the nations around the Gulf ultimately feed the North American and European markets. Nigeria alone is the fifth-largest supplier of oil to the United States and by 2015 could account for a quarter of U.S. oil consumption. However, given the rate at which attacks on oil tankers are increasing, the ability of these nations to reliably provide oil to the international market could be in question. Early 2012 saw a doubling in the number of attacks on oil tankers, with as many as eight hijackings in a month. If this dramatic trend continues, the flow of oil from the Gulf of Guinea to the United States and the West could slow considerably.

modelling

The most direct and obvious consequence of piracy is economic. Nigeria loses $25.5 billion annually to piracy in its coastal waters. Much of this loss revolves around the theft of crude oil now put at 300, 000 barrels per day or 12 percent of daily production. Between 2003 and 2008, illegal maritime activities cost Nigeria $92 billion. The threat of piracy is of grave concern to ship owners and to those who hire ships. Ship owners sustain heavy losses on hijacked ships which are demobilized for a long time. This is compounded by the threat to the crew. These factors are increasingly compelling mariners to avoid routes that pass through Nigerian waters, while vessels find it difficult to crew ships [11].

Piracy also exerts an indirect impact on the Nigerian economy. It has disrupted Nigeria’s commercial fishing industry. Although the domestic fish market accounts for just 20 percent of all the fish consumed in Nigeria, that percentage has steadily decreased over the past five years because of the rise in piracy, according to a 2007 study by the United States Department of Agriculture. This has resulted in a sharp decline in fish consumption, now put at 7.5 kg annually, well below the 13 kg recommended by the FAO. Nigeria now imports between 700,000 and 900,000 metric tons of fish at the cost of over N50 billion annually to make up for this shortfall – an enormous outlay that is perforating the nation’s finances. Thus, we see that the impact of piracy extends well beyond the province of maritime security to economics, in terms of lost jobs in the commercial fisheries sector, to even nutrition by reason of its impact on the local availability of fish proteins for our children.

The direct economic cost of piracy.

The main direct cost of piracy, including the cost of ransoms, piracy insurance premiums deferent equipment, re-routing vessels away from piracy risk zone, naval deployments in piracy hot zones, piracy prosecutions, and organization budgets dedicated to reducing piracy.

The Cost of Ransoms

One of the most spectacular increases in the cost of piracy in recent years has been the increasing price of ransoms paid to release hijacked ship. Ransoms are generally sought by Somali pirates. Pirates in the other regions have more often stolen the vessels or cargo, rather than ransoming the value of the seafarers’ lives and their ship. In November 2010, the highest ransom on record $ 9.5 million, was paid to Somali pirates to release the (Samho Dream) South Korean oil tanker [12]. Indeed 2010 set a remarkable record for the cost of ransoms, with the year kicking off to a $ 7 million ransoms paid in January to release the Greek super tanker (MV Moran Centaurs’), which had been carrying $162 million of crude oil from Saudi Arabia to the United States. The ransoms demonstrated the exponential increase in the price of ransoms in recent years. In 2005 ransoms averaged around $ 150.000 (Payne,2010). By 2009, the average ransom was around $ 3.4 million. In 2010, ransoms are predicted to average around $5.4 million [13].

Problematically, increasing ransom payments appear to be lightening negotiations and therefore the duration seafarers are held hostage; the average length of negotiations has more than doubled over the past year as pirates seek and receive, larger ransom payments. Ships were held for an average of 106 days between April and June of 2010, up from just 55 days in 2009, and the last four ship release in November 2010 were held for an average of 150 days (NPR,2010). Seafarers now face the likelihood of three tour month captivity. The total cost of ransom is estimated to be around double the value actually paid to pirates. The total cost is duplicated by several factors such as the of cost of negotiations, psychological trauma counselling, repair to ship damage caused while it is held captive, and the physical delivery of the ransom money, often done by helicopter or private plane (BBC News, February 5, 2009). Finally, large costs result from ship being held and out of service for instance, it cost around $3milllion for cargo ship to be held for two months at a charter hire rate of $50,000 per day (Kraska) (Table 1). By doubling the cost for the estimate cost of ransoms for 2016 and 2017 ($415 million) to incorporate excess cost such as negotiation and delivery fees, we approximate that over the past two years, around $830 million has been spent on ransoms.

Source: IMB, 2011

The Cost of Insurance

In reaction to the growing threat and cost of ransoms, the maritime insurance industry has responded by increasing its shipping rates and premiums, especially in designated high-risk piracy zones. Shipping insurance comes in four main types: war risk, kidnap and ransom, cargo, and hull insurance

• War Risk: War Risk insurance is an excess charge for a vessel transiting a war risk area. The Gulf of Aden was classified as a war risk area by Lloyd’s market Association (LMA) joint war committee in May 2008. Since this date, the cost of war risk premiums has increase 300-fold (insurance broker marsh McLennan, June 26, 2009), from $500 per ship, per voyage, to up to $150 per ship, per average, in 2010 (UNODC). Other regions affected by piracy have also been classified as war risk zones in the past, such as the Malacca strait between 2005 and 2006.

• Kidnap and Ransom (K&R); Generally, K&R insurance covers the crew against ransom demand, but not the vessel or cargo. However, some marine insurance policies have recently expanded to include both crew and property. Insurance giant Munich Re-estimates that K&R premium increased tenfold between 2008 and 2009 (GIRO, marine piracy 2010).

• Cargo: Cargo insurance covers goods transported by a vessel. The excess premium on cargo transiting piracy region is estimated to have increased by between $25 and $100 per container in the few years (Emmanuel, “Time to Join the Fight against Maritime Piracy, September 23, 2010).

• HULL: Hull insurance covers physical damage to the ship, including harm from heavy sea, collision, sinking, collapsing, grounding, fire, or piracy. It estimated that piracy has doubled the cost of hull insurance. In calculating the global cost of maritime piracy, we take the largest insurance premiums related to piracy (War risk and K&R) and multiply these rates by 90% of the total ship traffic transiting the high-risk region of the Gulf of Aden (around 30,000 ships). We deduct 10% of ship traffic under the assumption that this proportion of ships opts to re-route around the Cape of Good Hope and is therefore not liable for insurance premiums (Table 2).

Source: IMB 2011

In the war risk region, note that as piracy continues to increase across the globe, and insurance against piracy attacks becomes an increasingly lucrative business, we may witness premiums decrease as competitors move into the market. As one marine underwriter at Lloyd’s of London stated, “Traditional carriers have been cutting each other so much to get the premium in that the price has fallen off the end of a cliff.

The Cost of Re-Routing

For some vessels, especially low and slow-moving ships, which are at the greatest risk of piracy attack, avoiding risk zones altogether may be a safer or cheaper option. For example, some ships may opt to avoid the risk of transiting through the Gulf of Aden and Suez Canal, and instead take the longer voyage around the cape of good hope while robust data on the proportion of ship owners and masters who re-route their vessels via this longer route is not readily available, some companies have announced that they are diverting their fleet. For example, AP Moller Maersk, European largest ship owner, is diverting all 83 tankers, as are the Norwegian stole tanker fleet, Odell shipping group (with a fleet of 90 tankers), and frontline. We also know that Egypt’s Suez Canal revenue (fees collected from ships transiting the Suez Canal) has decreased by 20% in the past couple of years [12].

The cost of deterrent security equipment

Ship owners attempt to protect their property and crew from pirate attacks by preparing their ships with security equipment and/or personnel prior to transiting a high-risk zone. Robust data on the proportion of ships purchasing deterrence equipment, and the type of deterrence equipment, is not easily accessed. Nevertheless, average cost of deterrence equipment and personnel are listed in table – below. These rates reflect cost for equipment used to transit around the Horn of Africa. Since this is the area that the ship owners would likely be most interested in purchasing deterrent equipment. Just as for the cost of insurance premiums above the approximate a lower bound (10% of ships) and an upper bound (70% of ships). Estimate for the total cost of deterrence equipment to the shipping industry. We calculate that the total cost of deterrence equipment to the shipping industry is between $360 million and $2.5 billion per year (Table 3).

Measures to deal with maritime piracy

Regional Cooperation

The Djibouti Code of Conduct: In 2009 a high-level meeting of 17 countries from the Western Indian Ocean, Gulf of Aden and Red Sea areas met in Djibouti and adopted a “Code of conduct concerning the repression of piracy and armed robbery against ships in the Western Indian Ocean and the Gulf of Aden”. There are signatories to the code of conduct to undertake wideranging commitments to cooperate in seizing, investigating and prosecuting pirates in the region, and to review their relevant national laws. The code of conduct allows authorized officials to board the patrol ships or aircraft of another signatory. Nine countries have so far signed the code of conduct. These include Djibouti, Ethiopia, Kenya, Madagascar, the Maldives, the Seychelles, Somalia, Tanzania, and Yemen [14].

Source: MARAD, 2010

International Cooperation

United Nations Recognizing the seriousness of maritime piracy in the Gulf of Aden, the Secretary-General of the United Nations has called fora multifaceted approach to combating piracy “to ensure that the political process and the peacekeeping efforts of the African Union and the strengthening of institutions work in tandem”. The United Nations Security Council has been actively engaged in formulating adequate responses to the issue of piracy. Several UN Security Council resolutions have been adopted to address the delivery of humanitarian aid to Somalia and the protecting and escorting ships employed by the World Food Programme.

Role of the bank in combating piracy

The impact on sea borne trade and maritime economic opportunities pose serious challenges to Africa’s development agenda. The Bank can play an important part in combating piracy [15].

Improvements in port security

Michael Baker observes that shipping companies send smaller, older, and cheaper ships to Africa because the ports cannot handle modern fleets. As a result, shipping companies deploy their remaining smaller and slower ships for transport to and from Africa, increasing the number of easy targets for pirates and further impeding Africa’s ability to export products efficiently. The Bank can contribute by increasing resources to improve port infrastructure, Daniel [16].

Possible direct effects of modern maritime piracy

The possible direct effects include.

Delays caused by attempted attacks themselves due to escaping maneuvers.

• Damage to the ship or cargo incurred in the attack.

• Loss of safe and cash money.

• Loss of cargo.

• Loss of hire.

• Loss of operation during the attack and investigation procedures.

• Loss of the whole ship as a cause of hijacking.

• Kidnap and ransom money for ship and seafarers.

• Investigation costs.

• Costs of negotiating and delivering the money.

• Contractual penalties due to delayed or damaged delivery.

• Cargo fraud with phantom- or ghost-ships.

With daily vessel operating costs ranging from US $10,000 to US $50,000 or more, spending a week in a port while sometimes untrained or corrupted local police doing their investigation will usually cost a lot more in lost time than a small pirate attack itself. Munich Re Group [17].

Possible indirect effects of modern maritime piracy

• Security cost like: costs incurred in the fight against piracy; additional security measures, additional security costs, increase transport price, insurance costs [17].

• Insurance cost: Possible effects in respect to insurance costs are higher premium in piracy-prone areas, additional kidnap, and ransom insurance, change in trade routes [14].

Procedures of the IMO change continuously. The official warning today is to sail 250 nautical miles of the East coast of Africa. This will lead to non-optimal economic routes and a price increase of maritime transport [18].

• Effects of change in shipping routes are longer distance, longer travel time; Avoiding some ports, Increase costs; Increase transport price, Arbitrariness of piracy

Luft [19] stated that piracy is especially dangerous for energy markets. Most of world’s oil and gas is shipped through the dangerous piracy-prone regions. Targets of piracy attacks include most classes of vessels. According to Berkeley [20], only the most expensive or well-equipped shipping companies will find it economically feasible to bring imports into piracy-prone waters. As a result, due to the possible arbitrariness of pirates, the following effects can mention: Increased competition energy markets; increase world’s oil price; increase general price levels; change in level playing field; specialization.

Doing business in a riskier environment could lead to higher investment risk premiums. Furthermore, crew impact of piracy can be enormous. Attacks, hostages, injuries, risk of being killed and traumas will lead to possible claims for damages by members of the crew and their relatives. Working in such environment will be less pleasant and can lead to a smaller labour market for the shipping industry. Modern pirates are taking advantage of the small size of the crew on modern cargo vessels. Shipping companies have to re-think about the size of their crew. Possible effects are: Increasing investment risk premiums; Crew impact; Claims of crew and family, smaller labour pool, less quality maritime transport service, increased workload on board, doublepay danger money; increase transport price [21].

Liability Maritime Transport

Pirate attacks against vessels can be used as a political tool to disrupt vessel passage through certain maritime bottlenecks [22]. This is especially true in the case of the strategically important Malacca Straits where most Middle East oil exports to Asia and most commerce between Asia and Europe pass. Due to fear of bottlenecks and changing steaming routes, it will lower the liability of maritime transport. It could create the need to count with higher inventory levels due to the potential piracy to cause bottlenecks in world’s delivery systems. This will reduce the benefits of just-in-time manufacturing processes and undermining supply chain management.

Effects are summed up below:

• Lower liability maritime transport.

• Costs of higher inventory levels

• Less (grow) of demand maritime transport.

Environmental impact of piracy

Piracy could lead to environmental disasters with oil tankers. There are known cases where the bridge left unmanned after an attack. Collision with another vessel or grounding could lead to environmental disasters. The costs of these kinds of disasters can be considered as tremendous. Effects are: Environmental and ecological catastrophe as well as major chokepoint closed for a long period of time.

The Resource Dependency Theory

This research is based on the resource dependency theory. Resource dependency theory has its origins in open system theory as such organizations have varying degrees of dependence on the external environment, particularly for the resources they require to operate [23]. This therefore poses a challenge of organization facing uncertainty in resource acquisition [24] and raises the issue of firm’s dependency on the environment for critical resources [25]. The external control of these resources may decrease managerial discretion frequently, interfere with the accomplishment of organizational objective, and eventually intimidate the existence of the focal organization. Confronted with the costly situation of this nature, management aggressively directs the organization to manage the external reliance to its advantage. Organization success is defined as organizations maximizing their power [24].

Nigeria economy mainly depends on oil and gas revenue especially as most of these resources are deposited in her ocean bed. Hence its exploitation and exploration depend to a large extent on the activities of the Nigeria Maritime sector. The external environment (piracy and armed robbery) therefore affects the activities of the maritime sector (revenue) to a great extent. The political, environmental, social, and technological factors on the external environment hence affect the activities and performance of the maritime industry as it is resource based. Therefore, the activity of the pirates which is a social factor affects the operation and performance of the maritime industry as poor performance will likely result during the period of high piracy activities. Controlling the social factor (piracy attack) of the external environment therefore will impact positively on the maritime sector (revenue generation).

The Weakness of the Failed States Theory

It is imperative to associate politics to crime, this is to have a clear understanding of reasons for maritime violent behavior. The Failed State Theory (FST) was advanced by Weber. He defined a failed state as a political body that has disintegrated to a point where basic conditions and responsibilities of a sovereign government no longer function properly.

Similarly, if a state weakens as well as average of living declines, it brings the likelihood of government fail meaning that, the state has been brought ineffective hence unable to enforce its laws uniformly and make provisions for fundamental goods and services to her citizens due to issues not limited to high crime rates, acute corruption in the polity, poor bureaucracy, ineffective judiciary as well as military interference in politics. Some of the characteristics of a failed state include 1) Partial or total loss of control of her territory or of the monopoly of legitimate use of physical force therein, 2) Attrition of rightful authority to make collective decisions, 3) Incapability of making provision of public services and, 4) Inability or poor interaction with other states as a full member of the international community. According to Monteclos [22], he insisted that failed states ease piracy which diminishes the authority of the state.

In his opinion, the correlation between piracy and state control is multifarious. African countries especially in Nigeria, the failed state theory can easily be seen in incessant attacks by pirate in the maritime domain. The criticism in colonial legacy of Nigeria has been attributed to the weakness of the Nigerian state. The Biafran War period 1967-1970 also may have contributed to this, also last decade of the Movement for the Emancipation of the Niger Delta (MEND), made demands for resource control of the Niger Delta resources. This gave rise to many groups in the area demand for rather their inheritable portion of the “national cake” without contest to the authority of the State.

Furthermore, Jones [26] stated that the Nigerian Government’s role as regard to piracy in Nigerian waters is confusing; according to him officials of the government conspire with the pirates and militant groups to really weaken the authority of the State. Security forces (police, Navy, Army) attack the militants and partake in illegal oil trading, piracy and kidnappings which is the core under-current factor befalling the Nigerian economy as currently palpable corruption in our faces.

Most governors of the oil-producing states also to get rid of opponents, fund their unlawful activities, yet also fund the leading political parties, Monteclos [22] also asserted that “the Nigerian State herself is associated in maritime piracy as analysis of government agencies made some revelations in this regard. According to him the army, concludes in the shade deals with the militants to divide up the booty and bargain a status quo”. The Nigerian Navy on the same hand is corrupt and caught up in illegal drug and oil trading behavior. The weakness of state theory explains why the officials of Navy, Army, Customs, and Port Authorities of today still update pirates and militants in the places the where about of boats and the real values of their cargo, this has contributed to inability of winning the war against maritime piracy both in Nigeria and Gulf of Guinea over the years.

    Methodology

Method of data collection

The data for this study was sourced through the secondary means. Data were collected through several publications, textbooks, International Maritime Organisation. Seminar papers and Nigerian Maritime Administration and Safety Agency (NIMASA) annual bulletins and International Maritime Bureau (IMB), etc.

Research Design

Research design provides the glue that holds the research project together. Ex-post facto research design was therefore used for this study.

Analytical Method used

The simple regression analysis was used to model the relationship between the dependent and independent variables in the research hypothesis. Hypothesis one is on cost of ransom and the premium paid by the shipping company. Cost of ransom is a proxy for the activities of piracy and premium paid affects the revenue generated by the company, hence, the model for the relationship is

MAREV= f(PIRACY) (1)

Y = Bo +B1X1 + u

Where:

Y = Maritime revenue

Bo = Constant

X1 = Piracy incident

U= error term

The second model is on sea piracy and Nigeria’s economic growth. The model for this hypothesis is

GDP= f(PIRACY) (2)

Y = Bo +B1X1 + u

Y= GDP proxy for economic growth

X1= piracy incidents

U= error term

    Presentation and Analyses of Data

The data as obtained from the Nigerian Maritime Security agency (Table 4)

Time series statistical data on piracy and armed robbery attacks against ships in Nigeria, associated insurance costs/ premium paid by shippers and ship owners, piracy induced revenue losses by industrial fishing sector and GDP maritime transport.

Analysis of Data and test of hypotheses

Hypothesis One (HO1): There is no significant relationship between the cost of ransom and Premium paid by shipping companies.

Dependent Variable: MAREV

Method: Least Squares

Date: 03/01/20 Time: 13:12

Sample (adjusted): 2000 2017

Included observations: 18 after adjustments (Table 5)

Source: IMB Piracy and Armed Robbery Reports Against Ships (2004, 2007, 2011, 2015 and 2019 editions). Central Bank of Nigeria Statistical Bulletin (2010, 2013 and 2019 editions). Marine insurance Digest, (2007, 2012 and 2019 editions). Nigerian Industrial Trawler Owners Association (NITOA)

The output above shows that there is a negative relationship between piracy and premium paid by the shipping company. This implies that as piracy activities increase, the company pays more ransom, and this leads to fall in maritime revenue. The coefficient of determination is high and shows that the model explains about 89.9% of the total variation in the model. The overall regression is significant as the p-value is less the 5% level of significance.

Hypothesis two (HO4): There is no significant relationship between sea piracy and Nigeria’s economic growth?

Dependent Variable: GDP

Method: ARDL

Date: 03/01/20 Time: 13:13

Sample (adjusted): 2001 2018

Included observations: 18 after adjustments

Maximum dependent lags: 4 (Automatic selection)

Model selection method: Akaike info criterion (AIC)

Dynamic regressors (4 lags, automatic): PIRACY

Fixed regressors: C

Number of models evaluated: 20

Selected Model: ARDL (1, 0)

Note: final equation sample is larger than selection sample (Table 6)

The model shows that piracy inversely relates with economic growth. The model is rightly signed and significant. The overall regression is significant, and the coefficient of determination explains about 99.7% of the variation in the model.

    Discussion of Results

From the hypothesis one, there is no significant relationship between the cost of ransom and Premium paid by shipping companies. The output showed that there is a negative relationship between piracy and premium paid by the shipping company. This implies that as piracy activities increase, the company pays more ransom, and this leads to fall in maritime revenue. From the review of various literatures and analyses of the data, it was observed that piracy incidents and activities adversely affect revenue of the maritime industry as well as the nation’s economic growth. It increases the cost of security through increasing insurance premiums. It leads to drop in revenue and scares foreign investors. It also increases the costs of imported goods. This is in line with Berkeley (2005), who opined that only the most expensive or wellequipped shipping companies will find it economically feasible to bring imports into piracy-prone waters

The second hypothesis which depicts that piracy inversely relates with economic growth. The above output indicates that piracy is positively related with economic growth. The increase in the activities of the pirates will for force the company and ship users to increase the cost of insurance of the cargoes and vessels. The model is rightly signed and significant. It is in line with Munich Re Group [17], it is far more difficult for the insurers to reduce the incurred loss then for their clients, if the insurance companies getting aware of a new increase of piracy in some dangerous waters, then it is a fact that the insurance premiums will rise, which certainly affects the output of maritime transport and directly affecting the economic growth of Nigeria [27-28].

    Conclusion

The traumatic effect on the shipper (cargo owner) carrier (ship owner) the insurers and the crew/passengers on board the subject matter embarking on the voyage. Also, the position of Nigeria in the maritime prone areas statistical data as obtained from the annual piracy report /publication from the international organizations was also featured. The proactive suppression of these armed attacks is not only the responsibility of the international shipping industry out of the terminal operators, port authorities, and industry but of the terminal operator’s ports authorities, coast guards and relevant local, regional, and national government or coastal states. Such bodies face many problems not least the growing sophistically of organized criminals, but only by their commitment and co-operation can the growing problem of armed attacks on ship be contained. From the findings, political instability in the country and around the coast guards has been seen as a major contributory factor since most of the piracy incidents with the growing importance of maritime trade in the nation’s development need not to be jeopardized on the ground of grievance of political marginalization.

    Recommendation

In the light of the findings of this study, the following recommendations are made

• There should be regional cooperation and international cooperation among trading nations and coastal areas.

• There should be production of knowledge products for security measures.

• There should be contributory financial resources scheme for fighting piracy and improvements in port security.

• Anti-piracy laws should be enacted to seal with sea pirates’ development of piracy.

Vessels should be instructed not to anchor in high-risk areas.

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