The Africa Progress Report estimates that Nigeria and other West African countries have been losing a whooping $6.5 billion annually to the pillage of African fishing grounds by Asian and European countries.
The report launched by former United Nations Secretary General, Koffi Annan, says the rip-off will continue unless concrete steps are taken to halt it.
Annan says each year, billions of dollars are plundered from West Africa through illegal fishing, which is also prolonging poverty in Africa.
He estimates that the losses from fishing fleets flouting international conventions were costing West Africa at least $1.3 billion a year.
