President Muhammadu Buhari on Tuesday disclosed that Nigeria loses $26.6 billion annually to piracy and sea robbery.
The President disclosed this while commissioning the Falcon Eye system to boost maritime security.
The President, who was represented by his Vice President, Professor Yemi Osinbajo, said the Falcon Eye system will enable the Nigerian Navy to generate a comprehensive intelligence picture of activities within the maritime environment for further analysis.
He said the maritime industry occupies a prominent position in Nigeria’s vital economic interests and it encompasses activities ranging from fishing and resource exploration to marine research and shipping, among other endeavours.
He said: “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.
“Given our economic aspirations and our commitment to international trade, ensuring the security of shipping lanes within and proximate to our waters is in our national interest.
“In addition, Nigeria’s hydrocarbon resources which are largely domiciled in our maritime environment remain the mainstay of Nigeria’s economy as it accounts for 55 percent of our GDP, 95 percent of our export earnings, and about 70 percent of government revenue.”
He noted that the Falcon Eye system has the capacity to spot, chase and interdict maritime criminals quietly and efficiently.
The President said: “So the Falcon Eye system is a state-of-the-art surveillance facility that incorporates various sensors located along the nation’s enormous coastline, such as radars, long range Electro Optic Systems with thermal or night vision capability, Automatic Identification System receivers, Weather Stations and marine Very High Frequency Radios for communication.
“The integration of these sensors into the Falcon Eye system generates a real-time situational awareness of the activities of vessels in Nigerian maritime domain and some selected parts in the Gulf of Guinea.”
He said the Falcon Eye System will serve as a force multiplier for the naval platforms tasked to effectively secure our maritime environment from external aggression.
Buhari said: “It will also enable the Nigerian Navy to effectively combat any maritime crimes that could disrupt the conduct of maritime trade.
“In recent years some key identified threats within Nigeria’s maritime environment have taken on increasingly more harmful dimensions to the our economy and even the safety of citizens and commercial entities who use the maritime domain these include, piracy, armed attacks on ships, kidnapping for ransom, crude oil theft, smuggling, as well as Illegal Unregulated and Unreported Fishing (IUU).
“It is estimated that Nigeria loses about $26.3 billion annually to various forms of criminality particularly piracy and sea robbery.”
He said due to escalated risks in some of the nation’s maritime areas, insurance premiums for commercial vessels coming to the country have risen sharply making maritime trade an unattractive proposition.
“This underscores the need to enhance our maritime security architecture. Consequently, a critical contribution of the FALCON EYE System will be the provision of actionable intelligence for curbing maritime threats to our economy,” he stressed.
The President added that his administration has demonstrated a clear commitment to building the capacity of the nation’s strategic institutions to secure our coastal waters and the precincts of our maritime neighbourhood, adding that the initiatives have significantly increased national capabilities in the areas of maritime surveillance and criminal interdiction within our territorial waters.
