On 1st October, Hellenic Shipping News reported claims by the Nigerian Chief of Naval Staff that Nigeria and 15 other countries in the Gulf of Guinea are currently losing $2 billion to pirate attacks annually – as Nigeria was rated as number 1 in pirate attacks in the Gulf of Guinea in a report by the International Maritime Bureau (IMB). It has also been recently reported that Nigeria was losing $600 million annually to illegal and unreported (IUU) fishing by foreign vessels as a result of lack of equipment such as Automatic Identification System (AIS) and Vessel Monitoring System (VMS), and adequate manpower to police the country’s vast coastline – while it also spends $800 million a year on fish importation, being the 4th largest importer of fish in the world.
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