A latest report from the United Nations (UN) indicates that West African countries are losing 1.9 billion dollars, or 1103 billion CFA francs, due to piracy in the Gulf of Guinea. The report produced in collaboration with the research group Stable Seas is entitled “Pirates of the Gulf of Guinea: a cost analysis for coastal States”.

Ship and cargo owners are not the only ones bearing the brunt of the surge in maritime piracy in Africa's Gulf of Guinea. Maritime insecurity leads to significant costs amounting to more than $1.9 billion for coastal countries, according to the new United Nations report. Piracy's most recent hotspot saw 106 incidents in 2020 with 623 seafarers affected by kidnappings, according to the report 'Pirates of the Gulf of Guinea: A Cost Analysis for Coastal States'. The document says most of the direct costs of kidnappings and ship seizures would be borne by foreigners.

Last year kidnappings of mostly non-African ship crew members cost ship and cargo owners more than $5 million. However, UN experts find that countries along the Gulf of Guinea coast are paying far more than that to deal with rising piracy, from expanded patrols to rescue missions to security costs. higher in ports. The report finds that these losses divert important resources that could be used for other critical needs.