Challenges of Marine Cargo Insurance in Nigerian Export Trade: Evidence from Apapa Port

This study investigates the challenges confronting marine cargo insurance in Nigerian export trade, using Apapa Port in Lagos as the primary study context. Marine insurance is a foundational component of international trade finance, yet Nigeria's marine insurance market has consistently underperformed relative to the volume of goods transiting its major ports. Issues ranging from premium exportation, underinsurance, and fraudulent claims to inadequate knowledge among exporters and customs agents represent significant structural challenges in this segment. The study employs a descriptive research design with primary data gathered from 200 exporters, freight forwarders, and customs agents operating at Apapa Port. Structured questionnaires assess respondents' knowledge of marine insurance requirements, premium payment behavior, claims experience, and perceptions of insurer responsiveness. Secondary data from the Nigerian Ports Authority and Nigerian Insurers Association on cargo volume and insured values are incorporated into the analysis. Descriptive statistics and thematic analysis are applied to identify recurring challenges and areas requiring regulatory intervention. Key findings are anticipated to highlight the role of premium exportation, where cargo owners insure goods with foreign underwriters, thereby reducing domestic insurance income. The study recommends enforcement of local content insurance policies under the Nigerian Content Act to retain premium income domestically. Keywords: Marine Cargo Insurance, Export Trade, Apapa Port, Premium Exportation, Nigerian Insurance Market.