The United Nations Office on Drugs and Crime says the estimated economic cost of piracy to Nigeria and other West African countries between 2015 and 2017 stands at $2.3bn.
It stated that within the period under review, the sub-region lost about $777.1m to piracy on an annual basis, which it said was in addition to human costs as the Gulf of Guinea experienced an escalation of piracy, kidnapping and armed robbery at sea incidents in recent years.
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Security and Risk Report 29/03/23
MAST’s security report issue 366 is available to read now. In the Gulf of Guinea, a merchant ship has been boarded by armed men and