PIRATES OF THE GULF OF GUINEA: A COST ANALYSIS FOR COASTAL STATES

On 7 December, Stable Seas published a report saying that pirate groups concentrated in the Niger Delta earn perhaps $5 million of direct income per year through theft and hostage-taking.  The majority of this income – nearly $4 million per year – is stolen and extorted from non-African entities seeking the release of non-African hostages.  It says that these low direct costs to African nations have created the perception among some that Gulf of Guinea piracy and armed robbery are greater problems for international shipping companies and foreign seafarers than they are for African nations.  This report shows that this perspective is misguided. Gulf of Guinea nations are facing significant direct, indirect, and opportunity costs related to the presence of piracy and armed robbery. These costs occur on a scale that is thousands of times greater than what is paid to pirates in ransoms each year.

https://www.stableseas.org/post/pirates-of-the-gulf-of-guinea-a-cost-analysis-for-coastal-states

Any modest contributions for my time and ongoing expenses are welcomed!  I have a page where you can do so, and where one-off contributions start as low as $3, at https://www.buymea3coffee.com/KoIvM842y

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: