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Nigeria urges insurers to remove war risk premiums on inbound shipments

Posted On: Dec. 12, 2022 9:22 AM CST

Bashir Jamoh, director general of the Nigerian Maritime Administration and Safety Agency, has urged Lloyd’s of London and worldwide insurers to stop charging war risk insurance surcharge on Nigeria-bound cargo, as the country has taken noteworthy efforts to curb pirate attacks on its territorial waters, Leadership reported. Imposition of war risk premium on Nigeria-bound shipments increases the cost of goods, hurting the economy, he said.