Why we are pushing for the creation of a Shipping Regulatory Agency

From Ndubuisi Orji, Abuja

Speaker of the House of Representatives Tajudeen Abbas said the House is proposing a bill to establish a shipping regulatory agency because of its economic benefits to the country.

Abbas stated this on Monday while announcing an open public hearing on the bill “Repealing the Freight Forwarders Council of Nigeria Act (CAP. N133, LFN., 2004) and enacting the Nigerian Ports Shipping and Economic Regulatory Agency”, organized by the House of Representatives Committee on Shipping Services, Ports and Harbors, Maritime Safety, Education and Administration.

Abbas, represented by House of Representatives Water Resources Committee Chairman Sada Soli, said the proposed legislation aims to grow, develop and diversify the economy.

He said the agency, if established, would also create an enabling environment for private sector participation in the provision and delivery of regulated services, among others, in Nigeria.

According to him: “This re-enacted Act not only aims to ensure that the proposed agency establishes an economic regulatory framework for the effective and efficient regulation of commercial and related activities in the shipping and ports sector, but also aims to create an enabling environment for private sector participation in the provision and operation of regulated services, including in Nigeria.

“It is worth noting that the Nigerian Freight Forwarders Council has evolved significantly from its original role as defender of the interests of freight forwarders. It has now become the economic regulatory body for the entire Nigerian port system, with responsibility extending beyond the Nigerian Ports Authority to all stakeholders in the port ecosystem. This comprehensive supervision includes the regulation and control of tariffs, rates, fees and other economic services related to port activities.

“In order to effectively fulfill its expanded mandate as the Port Economic Regulatory Authority, it is therefore necessary to adopt the necessary legislation. This bill will formally give the Council the necessary powers and tools to oversee and manage business activities in Nigerian ports, ensuring efficiency, fairness and competitiveness across the sector.”