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.
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.
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.
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.
Ngozi Okonjo-Iweala resumes first day as WTO Director-General
Dr Okonjo-Iweala officially resumed duty as the DG of the WTO today, March 1, 2021.
Dr. Ngozi Okonjo-Iweala, former Nigerian Finance Minister and the first woman and African to be appointed as Director-General of the World Trade Organization resumed her first day of work as WTO chief.
This was disclosed in a social media statement on Monday morning by the WTO. Okonjo-Iweala said the WTO has lots of work to do and she feels ready to start
The trade organisation said: “Welcome to Dr Ngozi Okonjo-Iweala, on her first day as WTO Director-General! She makes history as the first woman and first African to take up this post.”
On her first day, Dr. Iweala said she is “coming into one of the most important institutions in the world and we have a lot of work to do. I feel ready to go.”
Director-General @NOIweala & the chair of WTO fisheries subsidies talks @WillsSantiago welcomed civil society's plea for a successful conclusion to the negotiations, visiting today an ice sculpture set up in front of the WTO headquarters by the #StopFundingOverfishing coalition. pic.twitter.com/9Y5eN4Bh5y
— WTO (@wto) March 1, 2021
What you should know
- On February 15th 2021, Nigeria’s Dr. Ngozi Okonjo-Iweala was officially appointed as the Director-General of the World Trade Organisation.
- The United States and former Permanent Secretary Federal Ministry of Foreign Affairs, Ambassador Joe Keshi pointed out that the only way Nigeria as a country can benefit from her appointment is by being productive.
- “She will not help you unless you are productive, she will not help you except you have something to sell, because her role as a DG of the World Trade Organization, the World Trade Organization is an organization that regulates global trade and except you have something to sell and you know put into the world market her role is to ensure that you get a fair deal and that you are not cheated in the whole process,” he said.
President Biden conducts first military airstrike against Iran-backed militia in Syria
The US has carried out military action in an approved airstrike against Iran-backed militia in eastern Syria.
U.S President, Joe Biden conducted his first military action in an approved airstrike against Iran-backed militia in eastern Syria, in a response to rocket attacks against American interests in Iraq.
This was disclosed in a report by Reuters on Friday morning, which revealed that the airstrikes were “limited in scope, potentially lowering the risk of escalation.”
Pentagon spokesman John Kirby said: “At President (Joe) Biden’s direction, U.S. military forces earlier this evening conducted airstrikes against infrastructure utilized by Iranian-backed militant groups in eastern Syria.”
“President Biden will act to protect American and Coalition personnel. At the same time, we have acted in a deliberate manner that aims to de-escalate the overall situation in both eastern Syria and Iraq,” he added.
The Pentagon revealed that the airstrikes were targeted at multiple facilities used by Iranian-backed militant groups, including Kata’ib Hezbollah (KH) and Kata’ib Sayyid al-Shuhada (KSS) at a Border Control point.
What you should know
Nairametrics | Company Earnings
- FY 2020: Africa Prudential posts N1.45 billion Profit After Tax.
Africa Prudential Plc released its […]
- Custodian Investment Plc posts N12.69 billion profit in FY 2020.
- 2020 FY Results: Nestle posts N39.2 billion, as earnings per share prints N49.47
Nestle Nigeria Plc released its audited […]
- 2020 FY: WEMA Bank posts N5.06 billion profit after tax as earnings per share prints at N13.1.
Wema Bank Plc released […]
- 2020 FY: Zenith Bank post N230.6 billion profit after tax
Zenith Bank Plc released its […]