A New Era for Nigeria’s Ports: The Nigerian Port Economic Regulatory Agency Act, 2026.

Today, I receive with profound gratitude and a deep sense of national responsibility the emergence of the Nigerian Port Economic Regulatory Agency Act, 2026. This is not merely another piece of legislation. It is the culmination of years of institutional advocacy, stakeholder engagement, legislative scrutiny, technical correction.

I therefore express my sincere appreciation to His Excellency, President Bola Ahmed Tinubu, GCFR, for making this reform a reality. The President’s action demonstrates that the Renewed Hope Agenda is not only about policy declarations; it is about building institutions that can support productivity, competitiveness, investment and sustainable economic growth.

For those of us who work daily within Nigeria’s maritime and port ecosystem, the importance of this moment cannot be overstated. Our ports are strategic gateways to the Nigerian economy. They connect manufacturers to raw materials, exporters to international markets, consumers to essential goods. When the port system is efficient, predictable and competitive, the entire economy benefits. When it is burdened by uncertainty, avoidable costs, weak coordination or regulatory gaps, the effects are felt far beyond the waterfront.

This is why an effective port economic regulatory framework is fundamental.

For many years, the Nigerian Shippers’ Council has carried the responsibility of serving as Port Economic Regulator while operating with a statutory foundation created in a different era. The maritime industry has changed considerably since then. Nigeria’s increasing engagement with regional and continental markets has created responsibilities that require clearer legal authority and stronger institutional tools.

The new regulatory framework represents an important response to that reality. It provides an opportunity to strengthen economic regulation, promote fair competition, improve service standards, enhance transparency and create greater predictability around the commercial relationships that define port operations. They affect the cost of doing business, the time required to move cargo, investor confidence, the competitiveness of Nigerian exports and, ultimately, the prices paid by ordinary Nigerians.

I am particularly pleased that this achievement has come through a process of careful democratic and institutional engagement. The legislation went through the National Assembly, encountered concerns that required further attention, and was subjected to additional technical and legal review. Rather than allowing those challenges to derail the reform, the relevant institutions returned to the work, corrected the areas requiring attention and moved the process forward. That is how durable public policy should be built.

I commend the leadership and members of the National Assembly for their commitment to this important reform. I also acknowledge the valuable role of the Federal Ministry of Justice and all technical teams whose scrutiny helped strengthen the legislation. Institutional reform becomes sustainable when the legal foundation is carefully constructed and when the responsibilities of public agencies are clearly defined.

I equally salute the Honourable Minister of Marine and Blue Economy, His Excellency Adegboyega Oyetola, CON, whose leadership has continued to place port reform, maritime efficiency and the development of Nigeria’s blue economy at the centre of national economic conversations. The creation of the Federal Ministry of Marine and Blue Economy itself signalled the importance the present administration attaches to the enormous economic opportunities within our maritime domain.

The Nigerian Port Economic Regulatory Agency Act should therefore be understood within a broader reform environment.

President Tinubu’s administration has already placed emphasis on trade facilitation, digitalisation and the National Single Window initiative, which is designed to connect government agencies and stakeholders within a more streamlined trade process. A strong port economic regulator complements that vision. Digital systems alone cannot produce efficient trade if the commercial environment is unpredictable. Infrastructure alone cannot deliver competitiveness if service standards are weak. Regulation must work together with technology, infrastructure, customs processes, logistics and private-sector investment.

Our responsibility now is implementation.

A law, no matter how progressive, achieves its purpose only when its provisions are translated into measurable improvements for stakeholders and the economy. The next phase must therefore be approached with professionalism, fairness, consultation and a clear focus on outcomes.

We must work toward ports where tariffs, rates and charges are subjected to transparent economic principles; where service providers understand the standards expected of them; where shippers have confidence that their legitimate interests are protected; where investors can operate within a predictable environment; where disputes can be addressed through credible mechanisms; and where competition encourages efficiency rather than creating uncertainty.

The goal is not regulation for the sake of regulation. The goal is to build a port economy that works.

It must work for the importer who needs certainty in the cost and timeline of moving cargo. It must work for the exporter whose products must reach international markets competitively. It must work for shipping companies, terminal operators, freight forwarders and logistics providers who require clear rules and efficient processes. It must work for government by improving compliance, strengthening revenue outcomes and supporting national economic planning. Above all, it must work for Nigeria.

This reform also arrives at a critical time for our continental ambitions. The African Continental Free Trade Area presents Nigeria with enormous opportunities, but opportunities are meaningful only when our trade gateways are capable of supporting them. Nigeria cannot become the preferred logistics and trade hub of West and Central Africa merely because of the size of our population or economy. We must earn that position through efficient ports, reliable institutions, competitive costs, modern infrastructure and regulatory credibility.

The Nigerian port system must become an enabler of industrialisation and export growth.

As we celebrate this milestone, I wish to recognise the management and staff of the Nigerian Shippers’ Council, past and present, whose dedication has sustained the institution through different stages of its evolution. I also appreciate the maritime industry stakeholders, organised private sector, professional bodies, shippers, service providers, the media and development partners whose engagements, criticisms, recommendations and support have helped to sharpen the conversation around port economic regulation.

Institution building is never the work of one person.

Whatever role any of us may have played, this achievement belongs to Nigeria. It represents what is possible when the executive, legislature, public institutions and industry stakeholders remain committed to a reform whose time has come.

For me, this is a moment of gratitude, but it is also a call to greater responsibility. The signing of the Act is not the end of the journey; it is the beginning of a new phase. Expectations will rightly be high. Stakeholders will expect stronger regulation, faster interventions, greater transparency and improved efficiency. Nigerians will expect the reform to contribute to lower trade costs, stronger competitiveness, increased investment and better economic outcomes.

We must rise to those expectations.

I thank His Excellency, President Bola Ahmed Tinubu, GCFR, for the courage and commitment to give this important reform the force of law. I thank the National Assembly, the Honourable Minister of Marine and Blue Economy, the Federal Ministry of Justice and every stakeholder who contributed to this process.

A stronger regulatory foundation has now been laid. Our duty is to build upon it.

The Nigerian maritime sector has entered another defining chapter. With disciplined implementation, stakeholder cooperation and an unwavering commitment to the national interest, I believe this reform can help reposition our ports as efficient gateways for trade, investment, industrial growth and shared prosperity.

The work continues with confidence, and we are ready.

Nigerian Port Economic Regulatory Leader and Professional, Dr Pius Ukeyima Akutah