Importers pay $1.5bn war risk premium despite reduction in piracy

Despite the reduction in piracy attacks in the Gulf of Guinea, importers paid $1.5bn as war risk insurance premiums on Nigeria-bound cargoes in the last three years, The PUNCH reports.

This came as operators, including shipowners and ship captains, rejected the WRI premium, stating that Nigeria is not a war-torn country to be paying such a premium.

The Nigerian Maritime Administration and Safety Agency on Thursday, revealed that in the last…