GoG loses $2bn annually to piracy

Piracy in the Gulf of Guinea costs regional countries an annual 2 billion USD, posing an increasing threat to the oil-rich region in West Africa.

Gulf of Guinea countries lose 2 bln USD annually to piracy: expert

Piracy in the Gulf of Guinea costs regional countries an annual 2 billion U. S. dollars, posing an increasing threat in the oil-rich region in West Africa, according to an expert of the Yaounde-II University in Cameroon.

“Maritime piracy has already caused reduced visits to the ports in the zone,” said Prof. Joseph Vincent Ntuda Ebode.

He was speaking on Monday at an international symposium held in the Cameroonian capital Yaounde in the run-up to a Central and West African summit to discuss maritime safety and security in the Gulf of Guinea.

In the case of Benin, whose economy is strongly dependent on the Cotonou port and whose port activities contribute almost 70 percent to the GDP, or 7.5 billion dollars, the earnings have seen a drastic drop due to piracy.

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Source: Xinhua.