SEREC decries delay in NPERA Bill assent

The Sea Empowerment and Research Centre (SEREC) has voiced significant concern regarding the prolonged delay in presidential assent for the Nigerian Ports Economic Regulatory Authority Bill. SEREC describes this as a critical policy issue that could severely impact Nigeria's maritime competitiveness, trade facilitation, and overall investment climate.

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Nigeria cannot afford another regulatory vacuum in the port industry

In its latest policy bulletin, SEREC warned that the bill might lapse if not enacted before the current National Assembly's term concludes. Such an outcome would necessitate a new legislative process, further delaying much-needed reforms and perpetuating an institutional vacuum that has existed since Nigeria's port concessioning in 2006. The center noted the absence of a statutory, independent economic regulator dedicated to overseeing port pricing, tariff administration, competition, economic performance, and dispute resolution.

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Nearly two decades after the port concession programme, Nigeria has yet to establish a statutory and independent economic regulator, “dedicated exclusively to the oversight of port pricing, tariff administration, competition regulation, economic performance monitoring, and sector-specific dispute resolution.”

SEREC argues that this regulatory gap has led to overlapping responsibilities, inconsistent economic regulation, tariff disputes, and investor uncertainty. The establishment of an independent port economic regulatory authority, according to SEREC, would provide a transparent framework for tariff setting based on economic principles, promote fair competition, enhance investor confidence, and offer a reliable mechanism for resolving commercial disputes. The bill is also seen as vital for supporting Nigeria's 'Renewed Hope Agenda,' National Blue Economy strategy, and the African Continental Free Trade Area.

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This regulatory gap has continued to generate overlapping institutional responsibilities, inconsistent economic regulation, tariff controversies, investor uncertainty, and avoidable commercial disputes across the port value chain.