For every $1 pirates steal from African victims, Gulf of Guinea governments spend $524 on counter-piracy efforts
Piracy costs African countries in the Gulf of Guinea over $500 million annually in what is currently the world’s maritime piracy hotspot.
Oil theft was a lucrative business model that netted pirates up to $25 million a year in the early 2010s, but far more difficult to pull off versus the swift raids being conducted now. “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,” Stable Seas noted.
Stable Seas concludes that lost government revenue, which totals an estimated $1.4 billion per year, is as much as double the best estimates of the direct costs of piracy paid by international navies, intergovernmental organisations, and the global marine transportation private sector each year. For three consecutive years, the Gulf of Guinea has been the world’s most dangerous shipping route. More than half of attacks at sea globally happen in a maritime territory that spans 2.5 million square kilometers.
However the trend in 2021 has been promising, as piracy rates have shown an 80 percent decline during the first half of the year compared to last year, according to IMB data.
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