Piracy and Economic Growth of Countries in the Gulf of Guinea

International Journal of Research and Innovation in Social Science (IJRISS) | Volume V, Issue VII, July 2021 | ISSN 2454–6186

Piracy and Economic Growth of Countries in the Gulf of Guinea

Chidozie Ezeozue, PhD
Department of Political Science, Chukwuemeka Odumegwu Ojukwu University,
Igbariam Campus, Anambra, Nigeria

Abstract
Sea piracy has been described as a global malady. Its occurrence today has become a threat not only on the sea but to mankind and the society as a whole. It has become a global threat that undermines the socioeconomic development of nations globally, thus warranting an empirical investigation to ascertain the extent to which piracy has affected economic growth of countries in the gulf of guinea using secondary time series data of piratical attacks, GDPs and GDP growth rates of countries in the gulf of guinea that were obtained from World Data atlas spanning from 1999-2018 and IMB Piracy and Armed Robbery against Ships Annual Reports, 2003-2018. Data obtained were analyzed using descriptive statistics like tables and map. Findings from the study revealed that hostage taking, oil theft and armed robbery at sea have adversely affected the economic growth of countries in the Gulf of Guinea. The study recommends that countries in the Gulf of Guinea should enact enforceable maritime laws that will prosecute sea pirates and deter them from pulling down the economy of the countries in the region.

Key words: Sea Piracy, Gulf of Guinea, Economic Growth

INTRODUCTION

Piracy in the Gulf of Guinea (GoG) region has had a chequered history. Although sea piracy is as old seaborne trade in the history of mankind but its occurrence today has become a threat not only on the sea but to mankind and the society as a whole. It has become a global malady that undermines the socioeconomic development of nations globally. The last two decades in the Gulf of Guinea (GoG) Region have seen a renewed emergence and attacks of pirates on ships at the sea. As cited by Fattah (2017), the Gulf of Guinea, has become the third major recognized area under threat since 2011. During the decades, the Gulf of Guinea has become one of the most critical maritime areas in the world. Maritime insecurity is a main regional trouble that is obstructs the development of this strategic economic area and threatening maritime trade in the short term and the constancy of coastal states in the long term (Richardson, 2015). Abubakar (2017) noted that the ongoing pollution and piracy particularly in the Gulf of Guinea Region is on the rise as such that livelihoods, environments and the economy of the region are been threatened resulting in the decline in marine and other aquatic lives as well as the general decline in the economy/incomes of nations which sustained over 500 Million people in the region. The negative impacts of piracy comprise not only casualties and ransom payments, but also damage to the region and the global economy. This assertion was corroborated by Ofosu-Boateng (2018) who stated that piracy attacks in the Gulf of Guinea have taken a worrying trend. Unlike the Somali pirates, the pirates in the Gulf of Guinea target the cargoes, especially the oil laden tankers for their cargo. This disruption is impacting negatively on shipping in this sea lane. There are consequences to be suffered due to these pirate attacks on shipping in this region.

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