By Providence Ayanfeoluwa

There are indications that despite Nigerian Maritime Administration and Safety Agency, NIMSA’s commitment to eliminating the exorbitant and unjustifiable War Risk Insurance (WRI) premiums imposed by foreign insurance firms on Nigerian bound ships, the actual impact of their aggressive campaign remains questionable.

Available data has shown that the persistent drain of WRI on the Nigerian economy is estimated at a staggering $500 million annually.

To this end, the Maritime Reporters Association of Nigeria, MARAN, said it is poised to expose the truth and champion the cause of Nigerian stakeholders through its upcoming 3rd MARAN Annual Maritime Lecture, MAMAL 2025

MAMAL 2025 is slated for August 28, 2025, with the theme: “Addressing the Burden of War Risk Insurance on Nigerian Maritime Trade,” to be held in Lagos.

The group lamented that despite the apex agency’s discussions with international partners and promises to take the issue to the United Nations, the financial hemorrhaging continues unabated.

According to the group: “Shipowners and importers, who bear the brunt of these unjustifiable premiums, are left wondering why a nation with demonstrably secure waters is still being treated as a war zone by the international shipping community.”