The economic impact of piracy: a critical assessment of maritime security and trade disruptions in the Gulf of Guinea

Abstract

Abstract The Gulf of Guinea (GoG) is a region that is used as a hub for piracy. In 2020, more than 95% of global piracy incidents took place in this region. The high incidence of piracy places a significant economic burden on trade, resulting in increased operational costs, higher insurance premiums, and reduced port efficiency. This study provides a comprehensive analysis of the economic impact of piracy in the GoG, based on both quantitative data and qualitative findings. Key drivers of piracy include poverty, unemployment, poor governance, and corruption in maritime security institutions. The study also assesses key projects in the fight against piracy, such as the Nigerian Deep Blue Project, the Yaoundé Code of Conduct (YCoC), and international cooperation, as well as technical issues such as shiprider agreements, unmanned systems, and advanced maritime surveillance systems. Despite some decline in piracy incidents in the GoG and some initiatives, foreign investment in the region remains insufficient, and regional trade cannot develop. The analysis concludes that piracy will continue to hinder the region’s development unless regional coordination is improved, legislation is harmonised, and comprehensive economic development is achieved. Addressing maritime security in the region, supporting strategic and security-related infrastructure reforms, and managing them with sustainable investments will also contribute to the region’s economic development.

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