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The Maritime Elders Forum has issued a strong appeal to President Bola Ahmed Tinubu to immediately assent to the Nigerian Ports Economic Regulatory Agency (NPERA) Bill, warning that continued delay is costing Nigeria billions of dollars and undermining reforms in the maritime sector.
In an open letter addressed to the President, the Forum’s Convener, Elder Asu Beks, requested presidential assent to the NPERA Bill as new year present to the maritime sector, even as he commended Tinubu’s bold and historic reforms across key sectors of the economy, particularly oil and gas and maritime administration.
According to the Forum, Tinubu’s decision to abolish fuel subsidy, boost crude oil production to about 1.8 million barrels per day, and eliminate fuel queues has positioned the administration as one focused on long-term national renewal. The group also praised the creation of the Ministry of Marine and Blue Economy, describing it as a long-overdue milestone since Nigeria’s independence.
The Forum noted that the impact of the new ministry is already evident, citing Nigeria’s recent election into Category “C” of the International Maritime Organisation (IMO) after nine failed attempts over 14 years, as well as the introduction of the National Single Window platform, scheduled to commence in the first quarter of 2026. The platform is expected to streamline port transactions by eliminating multiple entries and reducing bureaucratic bottlenecks.
However, maritime stakeholders warned that these gains are being eroded by the absence of a strong legal framework for port economic regulation.
“The Ministry of Marine and Blue Economy without an economic regulator is like a football match without a referee,” the letter stated, stressing that the lack of regulation has created room for arbitrariness, inefficiency and revenue leakages in the port system.
The NPERA Bill, which seeks to transform the Nigerian Shippers’ Council into an independent economic regulator for ports, was passed by both chambers of the National Assembly on April 10, 2025 and transmitted to the President for assent. The Bill, sponsored by Speaker of the House of Representatives Dr Tajudeen Abbas, aims to repeal the existing Nigerian Shippers’ Council Act and establish a robust framework for tariff control, fair competition and investment protection in the post-concession port era.
According to the Maritime Elders Forum, Nigeria is losing billions of dollars daily due to unregulated port operations, with estimates suggesting up to $250 billion annually is lost through inefficiencies, arbitrary charges by terminal operators and shipping lines, and declining investor confidence.
The Forum argued that sectors such as banking, petroleum, energy and telecommunications already have strong economic regulators, making the absence of one in the maritime sector both costly and unsustainable.
“The delay in assenting to this Bill has resulted in significant economic losses and continues to deter both local and foreign investments,” the group said, urging the President to act without further delay.
