Senate passes ports economic regulator bill after fresh review

By Editor

NASS

Nigeria’s Senate has passed the Nigerian Port Economic Regulatory Agency Bill, 2026, paving the way for the creation of an independent regulator aimed at improving efficiency and competitiveness across the country’s ports.

The legislation establishes a comprehensive economic framework for port operations, targeting long-standing bottlenecks such as high transaction costs, regulatory overlaps and limited transparency in the maritime sector.

Lawmakers said the move is expected to streamline processes, lower operational costs and strengthen investor confidence, positioning Nigeria as a more attractive hub for regional and global maritime trade.

The bill’s passage followed a motion by Senate Leader, Senator Opeyemi Bamidele, seconded by Minority Leader, Senator Abba Moro, after the chamber revisited and rescinded its earlier approval of the draft.

Bamidele told lawmakers that a detailed legal review by the Ministry of Justice had flagged critical issues requiring legislative correction, prompting the constitution of a joint technical committee comprising members of the Senate, House of Representatives and legal drafting experts.

The committee was tasked with resolving identified gaps—particularly around the agency’s autonomy and revenue powers—which had earlier led to the bill being returned by former President Muhammadu Buhari.

After extensive consultations with industry stakeholders and revisions to contentious provisions, the Senate recommitted the bill to the Committee of the Whole, where it was considered clause-by-clause and passed following amendments.

Industry stakeholders say the establishment of an independent port economic regulator could mark a turning point for Nigeria’s maritime sector, improving governance standards and unlocking investment in port infrastructure.