THE ECONOMIC COST OF GULF OF GUINEA PIRACY.

The Gulf of Guinea piracy apart from its threat to maritime security also has serious economic cost implications for states in the area. States have lost huge revenue due to distortions in the usual pattern of trade, and sabotage of oil facilities by petro-pirates and also incurred other direct and indirect cost as result of maritime piracy. This paper analysis the direct and indirect cost of piracy in the Gulf of Guinea with a view to explaining in quantitative terms the economic cost if piracy to states in the Gulf of Guinea area. The study is a qualitative study which involved the use of primary and secondary sources of data. Quantitative data used in the study were extracted from the report of some organizations and institutions that are concerned with maritime piracy and other crimes such as the Ocean Beyond Piracy, International Maritime Bureau, UNODC, UNSC, IMO etc. the study from its findings summit that maritime piracy in the Gulf of Guinea come at a great economic cost to the States in the Gulf of Guinea. the study recommends for grater regional counterpiracy collaborations so as to reverse the economic cost that piracy has foisted in states in the Gulf of Guinea area. [ABSTRACT FROM AUTHOR]