FG unveils new ports regulatory framework, agency logo

The Minister of Marine and Blue Economy, Adegboyega Oyetola, has unveiled the newly gazetted Nigeria Ports Economic Regulatory Agency Act, 2026, alongside the agency’s official logo, describing the development as a significant milestone in efforts to strengthen port regulation, boost investor confidence and enhance Nigeria’s maritime competitiveness.

Oyetola made the disclosure recently at the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy, held in Lagos.

The engagement, themed ‘Building Strategic Bilateral Partnerships for Sustainable Growth, Investment, and Technology of Nigeria’s Marine and Blue Economy,’ brought together government officials, industry leaders, development partners and other stakeholders to discuss investment opportunities and reforms in the sector.

The minister said the enactment of the NPERA Act, following President Bola Tinubu’s assent in June, established a substantive statutory framework for port economic regulation after nearly two decades of efforts to institutionalise the function.

He disclosed that he had directed the immediate constitution of a ministerial committee to oversee the transition of the Nigerian Shippers’ Council, which had served as interim port economic regulator since 2014, into the new agency.

According to him, NPERA will be responsible for regulating tariffs and charges, promoting competition, enforcing service standards, resolving commercial disputes and protecting port users’ interests.

“The credibility of an economic regulator rests, in no small measure, on its independence, impartiality and freedom from responsibilities that could give rise to actual or perceived conflicts of interest,” Oyetola said.

He directed the agency to operate as an impartial arbiter, free from competing regulatory and operational responsibilities.

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On maritime security, Oyetola said Nigeria had maintained zero piracy incidents in its territorial waters through the Deep Blue Project.

He described the lifting of the 12-year United States Coast Guard Condition of Entry on vessels arriving from Nigeria in August 2026 as a major achievement.

The development, he said, reflected progress in maritime security and compliance with the International Ship and Port Facility Security Code.

The minister further reaffirmed the government’s commitment to indigenous shipping, disclosing that he had directed the Nigerian Maritime Administration and Safety Agency to work with approved Primary Lending Institutions to accelerate the processing and disbursement of the Cabotage Vessel Financing Fund to qualified applicants.

Emphasising international cooperation, the minister cited Nigeria’s election to Category C of the International Maritime Organisation Council in November 2025 and ongoing engagements with Denmark, India, Norway and the United Kingdom.

“Our approach to international cooperation is purposeful and results-oriented,” he said, noting that partnerships must strengthen local capabilities and deliver measurable, sustainable outcomes.