Connect with us
nairametrics
UBA ads

Around the World

Nigeria is now the piracy capital of the world

Nigeria’s fragile reputation in the comity of nations has suffered a major setback as it has outstripped Indonesia to become the worst country in the world for piracy.

Published

on

Nigeria is now the piracy capital of the world

Nigeria’s fragile reputation in the comity of nations has suffered a major setback as it has outstripped Indonesia to become the worst country in the world for piracy.

Alliance Global Corporate and Specialty (ACGS), a global corporate insurance carrier headquartered in Munich, Germany, made this claim in the latest review of shipping and maritime activities around the world in 2018 published on its website.

UBA ADS

Factors responsible: The rampant kidnapping activities in the Gulf of Guinea have increased tremendously in recent years, with Nigeria accounting for 48 out of the 70 incidents recorded recently. This implies that Nigeria is responsible for almost one out of every four cases recorded globally.

Increase in the number of stowaways, particularly desperate Nigerians who hid in commercial vessels on their way to seek greener pastures abroad, also contributed significantly to the ranking. Such actions posed serious challenges for ship owners, resulting in delays, diversions, and pressure on the crew.

According to data by Intercargo and International Maritime Organization (IMO), there were 658 incidents of stowaways incidents reported between January 2010 and July 2017 at 84 ports, involving a total of 1,713 stowaways. Lagos, Nigeria, is the port which witnessed the highest number of reported incidents,’ the report stated.

GTBank 728 x 90

What this means: At a time when the country is making efforts to attract foreign investments to grow the economy, a rating of this nature will likely put foreign investors at bay. Indeed, it will impact the country’s ease of doing business negatively and may even hamper existing foreign investments.

The insecurity generated by the flourishing and illicit kidnapping trade might force investors and expatriates to shut down their businesses and relocate elsewhere. This is capable of costing Nigerians who work in such companies their jobs.

On the macro level, Nigeria’s trade relations with several countries may become strained if the menace of piracy is left to fester.

onebank728 x 90

Recall that Nairametrics recently reported that India banned its nationals from working in various state jurisdiction in the notorious Gulf of Guinea, where most of the pirate activities in Nigeria are carried out.

Patricia

Ronald Adamolekun is a creative writer with proficiency in journalism, financial reporting, financial analysis and imaginative writing. However, his core competency lies in fiction and short story writing as well as feature writing. He is a graduate of English and Literature from Covenant University, Ota, Nigeria.

Click to comment

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Around the World

President Trump dumps plan to force foreign students to leave the US

Trump administration had attempted to order foreign students to depart the country.

Published

on

President Trump dumps plan to force foreign students to leave the US, guidelines for foreign students returning to US schools

U.S President, Donald Trump has put aside a plan that was to order foreign students to leave the country. The Trump administration had attempted to order foreign students to depart the US to their own countries if their classes are to be taught online.

The announcement had triggered an outrage forcing the Massachusetts Institute of Technology, Harvard University, and a host of others to sue President Trump over the policy, arguing that “the measure was unlawful and would adversely affect their academic institutions.”

UBA ADS

READ ALSO: America announces modified guidelines for foreign students returning to its schools

According to details of one of the suit, one aspect of the modified guidelines, which has thus far proven to be quite controversial, requires foreign students to remain in their home countries if their courses are going be taught online. Foreign students who are already in the US were also directed to leave the country if their courses are online-based.

In a twist of events, Allison Burroughs, U.S District Judge in Massachusetts who sat on the suit announced that the US government along with Harvard and MIT came to a settlement after the Ivy League Schools sued over the new policy for foreign students.

GTBank 728 x 90

READ MORE: AMCON seizes Donald Duke’s home and bank accounts over N537 million debt.

The suit alleges that the modifications made to the Students and Exchange Visitor Programme (SEVP) by the US Immigration and Customs Enforcement (ICE) came without warning.

It would be recalled that by March the US government waived the F-1 and M-1 Visas that had a limit on online classes foreign students can take. The policy was reversed on July 6 by President Trump, as it would have affected University preparations for the coming semester.

onebank728 x 90

Harvard alone has about 5000 foreign students, including Nigerians, revising the US immigration guidelines on foreign students would cause disruptions in the coming autumn semester for foreign students.

Patricia
Continue Reading

Around the World

UPDATE: President Trump has been sued by MIT, Harvard over foreign students ban

Published

on

President Trump dumps plan to force foreign students to leave the US, guidelines for foreign students returning to US schools

The Massachusetts Institute of Technology and Harvard University have sued President Donald Trump over a new policy that restricts foreign students, whose courseworks would be taught online, from entering/remaining in the USA.

According to the Wall Street Journal, the suit was filed today in the US District Court in Boston, Massachusetts. The suit alleges that the modifications that were made to the Student and Exchange Visitor Programme (SEVP) by the US Immigration and Customs Enforcement (ICE), came without warning.

UBA ADS

READ ALSO: America announces modified guidelines for foreign students returning to its schools

The impromptu nature of the modifications, therefore, has left Harvard and MIT with no choice but to think it was “arbitrary and capricious”.

Recall that ICE had on Monday announced the eagerly awaited modifications ahead of foreign students’ return to US campuses for the autumn semester.

GTBank 728 x 90

READ ALSO: Rethinking Inclusive Education: COVID-19 realities, post implications on education

One aspect of the modified guidelines, which has thus far proven to be quite controversial, requires foreign students to remain in their home countries if their courses are going be taught online. Foreign students who are already in the US were also directed to leave the country if their courses are online-based.

Get Economic Research Data From Nairametrics on Nairalytics

onebank728 x 90

Harvard University is one of the ivy league American schools that recently announced plans to teach their courseworks entirely online, due to the COVID-19 pandemic. Harvard’s plan is such that students living on campus and off campus would attend classes online. However, the reviewed SEVP guideline by ICE has disrupted that plan.

CNN International quoted Harvard University President, Larry Bacow, to have said:

“The order came down without notice—its cruelty surpassed only by its recklessness. It appears that it was designed purposefully to place pressure on colleges and universities to open their on-campus classrooms for in-person instruction this fall, without regard to concerns for the health and safety of students, instructors, and others.

app

“This comes at a time when the United States has been setting daily records for the number of new infections, with more than 300,000 new cases reported since July 1.”

Similarly, MIT’s president L. Rafael Reif, issued a strongly-worded statement condemning the development. According to him, ICE’s modified SEVP guidelines “disrupts our international students’ lives and jeopardizes their academic and research pursuits.”

He went further to write that MIT’s “international students now have many questions – about their visas, their health, their families and their ability to continue working toward an MIT degree. Unspoken, but unmistakable, is one more question: Am I welcome? At MIT, the answer, unequivocally, is yes.” 

devland

Note that this story matters because of its international ramifications. Harvard University alone has about 5,000 foreign students, some of whom are Nigerians. The revised guidelines by the US Immigration and Customs Enforcement is bound to disrupt these students autumn semester unless the US Government rescinds the directive.

app
Patricia
Continue Reading

Around the World

Africa’s GDP could fall by 3.4% in 2020 if COVID-19 continues – AfDB 

The bank warns projected GDP losses for 2021 ranges from $27.6 billion to $47 billion.

Published

on

Akinwunmi Adesina, Afdb, Africa’s GDP could fall by 3.4% in 2020 if COVID-19 continues – AFDB

The African Development Bank (AFDB) published its African Economic Outlook 20202 Supplement on Tuesday and warned that the continent’s GDP would fall by at least 1.7%, and if the coronavirus pandemic continues into the second half of 2020, it could contract up to 3.4%. 

“Real GDP in Africa is projected to contract by 1.7% in 2020, dropping by 5.6 percentage points from the January 2020 pre-COVID-19 projection of the virus, if the virus has a substantial impact but of short duration. If it continues beyond the first half of 2020, there would be a deeper GDP contraction in 20202 of 3.4% down by 7.3 percentage points from growth projected before the outbreak of COVID-19,” the bank said. 

UBA ADS

Access Economic Research Data and the Associated Insights from Nairametrics

AFDB warns that cumulative GDP losses could range between $173.1 billion and $236.7 billion in 2020-2021. 

“Africa could suffer GDP losses in 20202 between $145.5 billion (baseline) and $189.7 billion (worst case) from the pre-COVID-19 estimated GDP of $2.59 trillion for 2020”. 

GTBank 728 x 90

The bank warned some losses will be carried over into 2021, as the projected recovery would be partial, and warns projected GDP losses for 2021 ranges from $27.6 billion to $47 billion (worst case). 

READ MORE: Aviation: Aviation sector grasps for stimulus in worst ever crisis

The bank said countries with poor healthcare systems, oil-exporting nations, tourism-dependent nations and other resource-dependent nations will be the hardest hit. 

onebank728 x 90

The bank calls for countries to reopen economies and advised a “phased and incremental approach that carefully evaluates the trade-off between restarting economic activity to quickly and safeguarding the health of the population”. 

READ ALSO: Recession: Nigerian economy to slide by 3.4% in 2020 – IMF

The Economic Outlook Supplement is a revised projection from an earlier January outlook that projected 3.9% growth from Africa’s largest multilateral bank. 

app

Patricia
Continue Reading
Advertisement
Wealth.ng
Advertisement
Advertisement
Patricia
Advertisement
Advertisement
devland
Advertisement
devland
Advertisement
devland
Advertisement
Advertisement
financial calculator
Advertisement
devland
Advertisement
app
Advertisement