Gulf Of Guinea Countries Lose US$2 Billion Annually To Piracy, Says Navy Chief

Piracy is costing Nigeria and the 15 other states bordering the Gulf of Guinea around US$2 billion annually, reports by This Day (Lagos), citing the head of the Nigerian navy.

Rear Adm. Ibok Ekwe Ibas also noted that his service also faces challenges from illegal fishing; sabotage of oil and gas resources; and marine resource theft.

Illegal and unreported fishing by foreign vessels costs Nigeria an estimated US$600 million per year, noted the newspaper. Nigeria lacks sufficient...