The Speaker of the House of Representatives, Hon Yakubu Dogara, has said that Nigeria loses about N7 trillion naira annually to insecurity and revenue leakages on waterways.
Dogara also said that security in Nigeria’s territorial waters must be strengthened.
He appealed to the Nigerian Navy and other relevant agencies to stop piracy and other attacks in order to secure Nigeria’s territorial waters.
The minister said “As I said recently, prevalence of insecurity in our waters resulted in the loss of $1.3 billion annually to illegal Unreported and Unregulated (IUU) fishing in West Africa alone yearly. We must tighten the legal and regulatory framework to stop these losses. The only way to promote intra African trade in our water ways is to ensure safety and security of navigation in our waters.”
“Thus, the onus is on the Nigerian Navy to stem the tide and secure our territorial waters, in cooperation with other agencies of government. However, in the absence of enabling laws that stipulate stiff penalties and adequate funding, the Navy may not be able to perform this responsibility effectively and efficiently,”
Access24 correspondent Adeoye Olalekan reports that the increasing level of attacks in Nigeria and other countries in west African sub-region is creating a very damaging image, causes loses of about $1.5 billion to the country.