The Economic Costs of Maritime Piracy

By The One Earth Future
Updated: 05/23/2011

091015-N-4154B-058By Anna Bowden et al. One Earth Future, December 2010.

Piracy significantly elevates the costs of international shipping and expenditures on security and patrolling, but its economic and human impact in Africa is equally considerable. In Kenya, a piracy premium forces up the cost of imports and exports by tens of millions of dollars each month. Basic food prices in Somalia have become more volatile, with spikes of 10 percent or more. And in Nigeria, piracy threatens some 50,000 jobs.

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