Oyetola Unveils NPERA Act, Moves to Establish Independent Port Economic Regulator

The Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, has unveiled the gazetted Nigeria Ports Economic Regulatory Agency (NPERA) Act, 2026, and the agency’s official logo, while directing the commencement of arrangements to transform the Nigerian Shippers’ Council (NSC) into the new statutory regulator.

The minister said the establishment of NPERA would strengthen economic regulation in the ports sector, promote fair competition, protect port users and improve investor confidence in Nigeria’s maritime industry.

Oyetola made this known on Friday during the Third Quarter 2026 Citizens’ and Stakeholders’ Engagement of the Federal Ministry of Marine and Blue Economy in Victoria Island, Lagos.

The event, themed “Building Strategic Bilateral Partnerships for Sustainable Growth, Investment, and Technology of Nigeria’s Marine and Blue Economy,” brought together government officials, industry operators, development partners and other stakeholders to examine investment opportunities, regulatory reforms and strategies for developing the country’s marine and blue economy.

The unveiling of the Act marks a new phase in the Federal Government’s efforts to establish a dedicated statutory institution for economic regulation in the ports industry, a responsibility previously performed by the Nigerian Shippers’ Council under an interim arrangement.

According to Oyetola, President Bola Ahmed Tinubu assented to the NPERA Act in June 2026, providing the legal foundation for the establishment of the agency after nearly two decades of efforts to institutionalise port economic regulation.

The minister disclosed that he had directed the immediate constitution of a ministerial committee to supervise the transition of the Nigerian Shippers’ Council, which has served as the interim port economic regulator since 2014, into NPERA.

The transition is expected to establish a more formal regulatory structure for overseeing the economic activities of port operators and service providers, particularly in relation to tariffs, charges, service delivery and commercial disputes.

Under the new framework, NPERA will regulate port tariffs and charges, promote competition, enforce service standards, resolve commercial disputes and protect the interests of port users.

These responsibilities place the agency at the centre of efforts to improve transparency and accountability in the determination of port charges and the delivery of services across Nigeria’s maritime gateways.

Oyetola, however, stressed that the effectiveness of the new agency would depend on its ability to maintain independence and impartiality in carrying out its statutory responsibilities.

“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,” the minister said.

He directed the agency to operate as an impartial arbiter, without competing regulatory and operational responsibilities that could undermine its credibility.

The minister’s position highlights the importance of separating economic regulation from operational functions to ensure that decisions affecting port users, shipping companies, terminal operators and other industry participants are made fairly.

The transition committee is expected to oversee the institutional arrangements necessary for the new agency to assume its responsibilities.

Beyond regulatory reforms, Oyetola reaffirmed the Federal Government’s commitment to modernising Nigeria’s existing port infrastructure as part of a broader strategy to improve operational efficiency and expand maritime trade.

He identified Apapa, Tin Can Island, Onne, Rivers, Delta and Calabar ports as facilities covered by the modernisation programme.

The minister said the initiative would be implemented with a view to ensuring balanced development across the country, rather than concentrating port infrastructure investments in Lagos.

He maintained that ports outside Lagos remained important to Nigeria’s economic future and should receive the attention required to improve their capacity and contribution to national development.

“No part of our national port system will be left behind in this modernisation programme,” Oyetola declared.

Nigeria’s existing ports serve different geographical and commercial interests, providing access to maritime trade for businesses, manufacturers, importers and exporters across the country.

The planned modernisation is intended to strengthen the capacity of these facilities and support a more efficient port system capable of meeting the demands of domestic and international commerce.

A more balanced distribution of port infrastructure could also provide opportunities for businesses in different regions to access maritime services, although the benefits will depend on the implementation of the programme and the availability of supporting transport and logistics infrastructure.

Oyetola also disclosed that the Federal Government had approved the development of six additional deep seaports at Ibom, Bakassi, Agge, Gateway, Ondo and Bonny.

The proposed projects are expected to expand Nigeria’s port capacity, create additional maritime gateways and strengthen the country’s ambition to become a regional logistics hub.

The development of additional deep seaports would increase the number of locations available for maritime trade and could provide opportunities for investment in cargo handling, shipping, warehousing and other port-related services.

However, translating the approvals into operational facilities would require sustained investment, effective project execution and coordination with the relevant infrastructure and regulatory authorities.

The minister presented the new projects alongside the modernisation of existing ports as complementary elements of the government’s port development strategy.

The minister also highlighted developments in maritime security, stating that Nigeria had maintained zero piracy incidents in its territorial waters through the Deep Blue Project.

He described the record as an important achievement in the country’s efforts to secure its maritime domain and strengthen confidence among international shipping operators.

Maritime security remains an important consideration for shipping companies and investors because threats to vessels and port facilities can increase operational risks, disrupt trade and raise the cost of maritime transportation.

Oyetola further identified the lifting of the United States Coast Guard’s 12-year Condition of Entry on vessels arriving from Nigeria in August 2026 as a significant development for the country’s maritime industry.

According to the minister, the decision reflected improvements in maritime security and compliance with the International Ship and Port Facility Security (ISPS) Code.

The code establishes international security requirements for ships and port facilities, with the objective of preventing security threats and supporting the safe movement of vessels engaged in international trade.

The lifting of the restriction represents an important development in Nigeria’s efforts to improve the international perception of its port security arrangements.

Oyetola’s remarks suggest that the government considers maritime security a critical component of its wider strategy to attract investment, strengthen port operations and improve the country’s standing in the global maritime community.

He maintained that continued attention to security and international standards would remain necessary to sustain the progress recorded in the sector.

Oyetola pushes for disbursement of Cabotage Vessel Financing Fund

In another development, the minister reiterated the Federal Government’s commitment to promoting indigenous shipping and increasing Nigerian participation in maritime transportation.

He disclosed that he had directed the Nigerian Maritime Administration and Safety Agency (NIMASA) to work with approved Primary Lending Institutions to accelerate the processing and disbursement of the Cabotage Vessel Financing Fund (CVFF) to qualified applicants.

The fund is designed to support the development of indigenous capacity in Nigeria’s coastal and inland shipping industry.

Access to affordable financing is an important factor in the ability of local shipping operators to acquire vessels, expand their fleets and compete in the maritime market.

The minister’s directive is aimed at improving the processing of applications and facilitating access to the fund for operators who satisfy the relevant requirements.

The involvement of approved lending institutions is expected to support the financing process, subject to the applicable eligibility criteria and lending arrangements.

For indigenous operators, access to the fund could provide an opportunity to address some of the financial constraints associated with vessel acquisition and fleet expansion.

A stronger domestic shipping industry could also increase local participation in maritime transportation and create opportunities across vessel operations, maintenance, crewing and related services.

Oyetola’s position reinforces the government’s stated commitment to ensuring that the development of the marine and blue economy translates into opportunities for Nigerian businesses and operators.

The minister also underscored the importance of international cooperation in advancing Nigeria’s maritime development agenda.

He cited the country’s election into Category C of the International Maritime Organization (IMO) Council in November 2025 as an indication of Nigeria’s continued engagement with the international maritime community.

He also identified ongoing engagements with Denmark, India, Norway and the United Kingdom as part of efforts to strengthen partnerships and attract investment into the sector.

Oyetola said international cooperation should be designed to deliver practical benefits rather than remain limited to diplomatic exchanges.

“Our approach to international cooperation is purposeful and results-oriented,” he said.

He added that partnerships should strengthen local capabilities and deliver measurable and sustainable outcomes.

The minister’s comments point to the importance of linking international agreements with practical initiatives that can support technology transfer, institutional development, skills acquisition and investment in maritime infrastructure.

For Nigeria, cooperation with countries that have experience in maritime operations and sustainable blue economy development could provide opportunities to improve local expertise and adopt relevant technologies.

Such partnerships could also support the development of new business opportunities in shipping, port services, marine resources and other activities associated with the blue economy.

Oyetola maintained that the government would continue to pursue partnerships that align with its development priorities and contribute to the long-term growth of the sector.

The engagement also featured a presentation by the Ambassador of the Kingdom of Denmark to Nigeria, Jens Ole Bach Hansen, on Denmark’s experience in developing a sustainable blue economy.

His presentation, titled “Denmark’s Experience in Building a Sustainable Blue Economy: Lessons for Strategic Partnerships, Investment and Technology Transfer with Nigeria,” examined lessons and opportunities for cooperation between the two countries.

The presentation was consistent with the theme of the engagement, which placed strategic bilateral partnerships, investment and technology at the centre of discussions on Nigeria’s marine and blue economy.

The blue economy encompasses economic activities linked to oceans, seas and other water resources, including maritime transportation, shipping, fisheries, marine tourism and related industries.

Developing the sector sustainably requires investment, appropriate technology, effective regulation and measures to ensure that the use of marine resources supports long-term economic and environmental objectives.

Denmark’s participation provided a platform for discussions on how international experience could inform Nigeria’s approach to sectoral development.

The Federal Government has identified international partnerships as an important component of its efforts to strengthen the country’s maritime capabilities and expand investment opportunities.

Oyetola’s emphasis on measurable outcomes suggests that the government expects such engagements to translate into practical benefits for domestic operators, institutions and businesses.

The unveiling of the NPERA Act and the agency’s official logo represents an important institutional development in the government’s plans for Nigeria’s ports sector.

However, the impact of the new regulatory framework will depend on how effectively the agency assumes its responsibilities, maintains independence and applies its powers to address issues affecting port users and service providers.

The transition from the Nigerian Shippers’ Council’s interim regulatory arrangement will also require clear institutional responsibilities and effective coordination among relevant government agencies and industry stakeholders.

Similarly, the proposed modernisation of existing ports and the development of six additional deep seaports will require sustained implementation to expand capacity and improve operational performance.

The government’s plans to strengthen maritime security, improve access to the Cabotage Vessel Financing Fund and deepen international cooperation form part of the same broader effort to increase the sector’s contribution to the national economy.

With NPERA expected to oversee port tariffs, competition, service standards and commercial disputes, its performance will be closely linked to the government’s wider ambition to improve efficiency and confidence in Nigeria’s maritime industry.

The ultimate test of the reforms will be their ability to produce tangible improvements in port services, create a predictable environment for investors and strengthen Nigeria’s competitiveness in regional and international maritime trade.