President Muhammadu Buhari says Nigeria loses about 26.3 billion dollars annually to various forms of criminality particularly piracy and sea robbery.

Buhari disclosed this while performing the inauguration of Falcon Eye Project, Nigerian Navy’s Strategic Maritime Surveillance System, on Tuesday at the Naval Headquarters, Abuja.

Represented by Vice President Yemi Osinbajo, Buhari said that securing Nigeria’s shipping lanes was crucial to the nation’s economic interests.