The Federal Government has said that Nigeria loses about 26.3 billion dollars annually to various forms of criminality, particularly piracy and sea robbery.
President Muhammadu Buhari disclosed this while performing the inauguration of Falcon Eye Project, Nigerian Navy’s Strategic Maritime Surveillance System, on Tuesday at the Naval Headquarters, Abuja.
Represented by Vice President Yemi Osinbajo, Buhari said that securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.
He said, “Why is this project so important to us as a nation? The maritime industry occupies a prominent position in the matrix of our vital economic interests and it encompasses activities ranging from fishing and resource exploration to marine research and shipping among other endeavours.
“Of all these activities, shipping stands out as a critical link in Nigeria’s international trade engagements because it is the cheapest and most efficient means of moving large volumes of goods.”