Economic implications of maritime piracy related attacks on Nigeria’s maritime industry

Due to the increasing rate of economic damages of insecurity to the Nigerian maritime industry with cases of loss of revenue to the federal government occasioned by; high freight charges for Nigeria bound cargoes, high insurance premium changeable on both ships and cargoes, coming to Nigerian and total boy-cut of the Nigerian ports by most shipping lines. The researchers were motivated to carry out a research on economic implications of maritime piracy related attacks on Nigeria’s maritime industry. This research was set out to realize some specific objectives while research hypotheses were formulated in this regard to address the objective of this study. Related literatures were reviewed and the research adopted ex-post facto design. Isan E. et al (2004) pointed out that ex-post factor design in research is the type of research in which there is a systematic empirical inquiring in which the researcher does not have direct control of independent variables because their manifestations have already occurred. Data were sourced through secondary means while the hypotheses were tested at 5% level of significance. The result of the analyses indicated that there is no significant relationship between poor performance of maritime industries in Nigeria and piracy activities. It also revealed that there is significant relationship between Nigerian piracy and revenue generation in the oil and maritime sector, also that piracy has recorded significant success in Nigerian territorial waters and that there is significant relationship between Sea piracy and methods of curbing the menace in Nigeria. Based on the revelations of this study, the researchers recommended that radar surveillance of recommended anchorages seaward access to berth, increased random patrols by fast police or coastguard crafts or helicopters be organized, ensuring alignment terminal security staff and port security forces among many others.