Nigeria records a loss of $26.3 billion annually to maritime criminality, President Muhammadu has said.
President Buhari who lamented the loss stated that it had become harmful to the economy and safety of citizens.
He observed that the country’s hydrocarbon resources which are domiciled in the maritime environment remain the mainstay of the nation’s economy, adding that it accounts for 55 per cent of the Gross Domestic Product (GDP), 95 per cent of export earnings and about 70 per cent of government revenue.
Buhari, who was represented by the Vice President, Yemi Osinbajo, spoke at the inauguration of the Falcon Eye Project at the Naval Headquarters.
He stressed that given Nigeria’s economic aspirations and commitment to international trade, ensuring the security of shipping lanes within and approximate to waters is in national interest.
His words, “the maritime industry occupies a prominent position in the matrix of our vital economic interests and it encompasses activities ranging from fishing and resource exploration to marine research and shipping among other endeavour. Of all these activities shipping stands out as a critical link in Nigeria’s international trade engagements because it is the cheapest and the 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.”
Emphassing the importance of the project, the President said it the “Falcon Eye Project, 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 within our maritime environment for further analysis”.
