Senate passes Nigerian port economic regulatory agency bill
The Nigerian Senate has approved the Nigerian Port Economic Regulatory Agency Bill, 2026, following a comprehensive review of the document.
The bill aims to establish a regulatory framework for port operations, promoting efficiency, transparency, and competitiveness within the maritime sector.
Stakeholders anticipate that the new legislation will streamline processes, reduce operational costs, and attract foreign investments, ultimately enhancing Nigeria’s standing as a key player in global maritime trade.
The passage of the bill, followed a motion moved by the Senate Leader, Senator Opeyemi Bamidele (Ekiti Central) and seconded by the Minority Leader, Senator Abba Moro (Benue South).
The lawmakers had, before consideration, rescinded their earlier decision on the bill, as previously passed and transmitted to the president for assent.
At the Committee of the Whole, Mr Opeyemi informed the Senate that following critical examination by the ministry of justice, fundamental issues were identified requiring fresh legislative action.
He stated that a technical committee comprising the Senate, House of Representatives and legal drafting experts from the Directorate of Legal Services had convened.
He said the committee was mandated to resolve the issues raised after the detailed scrutiny of the bill and recommend necessary corrections for legislative reconsideration.
Relying on Orders 1(b) and 52(6) of the Senate Standing Orders, the lawmakers rescinded their earlier decision on the bill, as previously passed.
The committee, thereafter, recommitted the bill to the Committee of the Whole for comprehensive consideration, amendment and passage, in line with legislative procedures.
At the Committee of the Whole, the lawmakers subsequently considered and passed the bill clause by clause after exhaustive deliberation.
The bill’s journey has not been without challenges. It was initially returned by former President Muhammadu Buhari due to concerns about some provisions that he felt needed further clarity, particularly regarding the agency’s operational autonomy and its ability to generate revenue without government intervention.
Following extensive consultations with industry stakeholders and a careful redrafting of contentious clauses, the Senate moved to address these concerns and facilitate the bill’s successful passage.
