Piracy has emerged as one of the emerging and dominant obstacles to maritime security in the Gulf of Guinea in recent years. It has become a major threat to the safety of the passage of ships, vessels, cargo, and passengers that ply the vast Gulf of Guinea for business, transportation, fishing, oil and gas exploration, etc. Similarly, countries in the Gulf of Guinea that are dependent on the economic opportunities available in the Gulf have to contend against this existential threat to the economic advancement of countries in the region. With reference to the recent rise in the incidence of piracy in the region, this study aims to offer deeper insights into the huge economic potentials imbedded in the Gulf, the emergence of and causes of piracy in the region, and the implications and consequences of piracy for the economies of the countries in this region. This study consulted secondary sources in its findings, predominantly online articles, journals, and other scholarly publications. It is significant because it investigates the issues of piracy in the region and the efforts that have been put in place by international agencies, international maritime organizations, as well as state and non-state actors in the Gulf of Guinea to tackle this crime of piracy in the region.