Business
Experts Ponder on the Proposed Shipping Regulatory Bill
*Experts Ponder on the Proposed Shipping Regulatory Bill
The Nigerian Shipping and Port Economic Regulatory Agency bill has undergone multiple revisions, with the 2024 iteration duplicating the powers and functions of the Nigerian Maritime Administration and Safety Agency (NIMASA) and other Ministries, Departments, and Agencies (MDAs) under the Ministry of Marine and Blue Economy. This proposed shipping regulatory bill has sparked intense debate and discussion among stakeholders in the maritime industry, with concerns raised regarding potential increases in governance costs. Nevertheless, numerous experts believe that a regulatory framework is essential for the industry’s growth and development.
In a public hearing that was held this year, stakeholders convened to share their perspectives on the bill, and the consensus was clear: the Shippers’ Regulatory Bill is the preferred option. The crux of the debate centers on whether the proposed bill will usher in a new era of streamlined governance and enhanced regulatory oversight or burden shippers with exorbitant costs. Proponents of the bill argue that it represents a long-overdue modernization of the regulatory framework, designed to address the evolving needs of the shipping industry in response to rapid global trade changes and technological advancements.
One of the bill’s sponsors and Chairman of the House Committee on Shipping Services and Related Matters, Hon. Abdussamad Dasuki, quoting a gazette, said the Nigerian Shippers’ Council was made the port economic regulator in 2015 by the Federal Government, a status that needed to be formalized through legislation. “The Federal Government noted that the objective of the regulation is to create an effective regulatory regime for the Nigerian ports after the concession of the ports. Port does not mean the Nigerian Ports Authority alone. It also means all the stakeholders in the ports, for the control of tariffs, rates, charges, and other related economic services,” Dasuki.
Experts from various sectors of the maritime industry presented their views on why they believe the bill holds the key to a more efficient and competitive shipping landscape. A prevailing argument put forth by stakeholders is the need for a robust regulatory framework that can adapt to the rapid changes in global trade and technological advancements. However, a key concern raised by stakeholders is the potential for the bill to establish a new agency with overlapping responsibilities with existing bodies, leading to inefficiencies and increased government spending. Furthermore, stakeholders point out that the bill appears to contradict the Oronsaye Report, a government-commissioned study that recommended consolidating agencies to streamline governance, thereby minimizing bureaucratic redundancy and enhancing the overall efficiency of regulatory oversight.
According to industry experts present at the public hearing, the proposed bill presents a strategic opportunity to harmonize regulatory standards and practices, thereby fostering a more cohesive and responsive ecosystem for shippers. This harmonization, they emphasize, will not only enhance operational efficiency and resilience in the face of global economic fluctuations but also attract investment, promote economic growth, and ensure safety, security, and efficiency.
Dr. Okonji, a renowned maritime expert, opined, “The industry has long awaited a regulatory framework, which will boost investment, economic growth, and overall development by ensuring safety, security, and efficiency.” Mr. Adekola, another expert, added, “The Shippers’ Council will establish a level playing field, curtail unfair practices, and safeguard the interests of shippers, leading to a more equitable and competitive industry.”
Mrs. Uche, a shipowner, expressed her support for the bill, stating, “Regulation will standardize operations, reduce administrative burdens, and enhance Nigeria’s maritime industry reputation globally, making it more competitive and attractive to investors.” Mr. Hassan, a representative of the Nigerian Shippers’ Council, emphasized the need for a regulatory framework that aligns with international best practices, dispelling rumors of contradictions with the presidential policy. Instead, he affirmed that the bill complements the policy, providing a framework for economic regulation that contributes to the sector’s overall development and efficiency.
Proponents of the bill also highlighted its potential to improve transparency and accountability, mitigating risks and enhancing trust in the regulatory process. They argued that the bill’s provisions for clearer guidelines and oversight mechanisms are essential for promoting fair competition and safeguarding shippers’ interests in a rapidly evolving global market. By fostering a more transparent and accountable regulatory environment, the bill aims to protect shippers’ interests, promote fair competition, and enhance the overall efficiency of the maritime industry.
Moreover, the proposed bill has garnered support from experts who emphasize the necessity of harmonizing regulatory frameworks with international best practices. They argue that the bill’s provisions for greater alignment with global standards will enhance the industry’s reputation on the international stage, potentially leading to new opportunities for collaboration and trade partnerships.
It is also noteworthy to state that, various groups and organizations believe that it is imperative for Nigeria to end the dominance of critical sectors by powerful individuals hiding behind organizations to block reforms necessary to align the country with global best practices. They urge the House of Representatives to remain resolute and not be swayed by veiled blackmail and threats disguised as expert opinions during the consideration of this strategic bill.
After a thorough and meticulous analysis of the bill’s provisions, Dr. Ahmed, a renowned expert in the field, was in complete concurrence with the prevailing sentiment, and in his esteemed opinion, he articulated the following: “The overwhelming consensus among experts and stakeholders is that the bill will effectively tap into the Nigerian Shippers’ Council’s vast reservoir of expertise and resources in the transportation sector, thereby ensuring a regulatory framework that is both efficacious and impactful. By leveraging the council’s extensive knowledge and experience, the bill is poised to introduce comprehensive and well-informed regulatory measures, culminating in a significantly enhanced economic landscape that fosters sustainable growth, improved market dynamics, and increased competitiveness within the industry. The bill provides a clear, comprehensive, and well-structured economic framework for the transport sector, laying the groundwork for a transformative shift in the industry, ultimately contributing to the nation’s economic development, prosperity, and overall well-being. This thoughtful and meticulous approach to regulation is a testament to the bill’s potential to drive meaningful change and promote a more robust and resilient economy.”
In summary, the Nigerian Shippers Council Bill is poised to bring about transformative changes in the transportation sector, promoting efficiency, aligning with global best practices, leveraging existing resources, and enhancing the economic framework of the transport sector. By doing so, the bill will have a profound impact on the industry, fostering a more robust, competitive, and sustainable transportation system that supports the nation’s economic growth and development.
While the proposed bill has raised concerns about potential increases in governance costs, proponents are quick to highlight the long-term benefits of a more robust and adaptive regulatory framework. They argue that the bill’s provisions for stakeholder engagement and feedback mechanisms will ensure that the regulatory framework remains responsive to the evolving needs of shippers, thereby offsetting initial implementation costs with sustained long-term gains. By fostering a more inclusive and responsive regulatory environment, the bill aims to promote the overall development and efficiency of the industry.
In conclusion, stakeholders are unanimous in their conviction that the Shippers’ Council is the most viable solution for the advancement of Nigeria’s maritime industry. With a meticulously designed regulatory framework, the industry is poised to become a significant driver of economic growth and development, as aptly emphasized by Mr. Adekola: “Regulation is not a burden but a necessary step towards a sustainable and prosperous maritime industry.” As the maritime industry navigates the complex waters of regulatory reform, the collective voices of experts and stakeholders converge on the belief that the proposed Shipping Regulatory Bill represents a pivotal step towards a more resilient, competitive, and globally integrated shipping landscape, characterized by enhanced efficiency, sustainability, and prosperity.
While the ultimate fate of the proposed bill – whether it is enacted, amended, or rejected altogether – remains uncertain, the public hearing process presents a crucial opportunity for stakeholders to articulate their concerns and ensure that any new regulations are effective, efficient, and aligned with the industry’s aspirations.
As the debate continues to unfold, it is evident that the bill has become a focal point for the industry’s collective aspirations, reflecting a shared commitment to charting a course towards a brighter future for shippers and the maritime ecosystem as a whole. The bill’s existential significance is undeniable, as it holds the key to unlocking a more sustainable, resilient, and competitive maritime industry, poised to make a meaningful contribution to the nation’s economic growth and development.
FirstBank Makes Home Ownership Possible for Nigerians with Single-Digit Interest Rate Loan
For millions of Nigerians, homeownership has long felt like an ambition deferred. Squeezed by rising property prices, persistent double-digit inflation and high commercial lending rates, the dream of owning a home has remained just that – a dream.
But that narrative is quietly changing. Thanks to FirstBank.
The N1 Trillion Intervention Reshaping Access
In partnership with the Ministry of Finance Incorporated Real Estate Investment Fund (MREIF), FirstBank has unveiled a mortgage opportunity that could redefine access to housing finance in Nigeria.
Backed by the Federal Government’s N1trillion mortgage fund, the initiative is designed to empower Nigerians with affordable, long-term credit to own their homes.
9.75% Interest Rate in a 30% Lending Environment
MREIF is priced at 9.75% per annum, dramatically lower than prevailing commercial loan rates. Eligible Nigerians can access up to N100 million and repay within 20 years. This translates into significantly more manageable monthly repayments and greater long-term financial stability.
Built for Salary Earners, Entrepreneurs and the Diaspora
The MREIF mortgage facility has been structured to be inclusive. It is available to salary account holders, business owners and diaspora customers. Whether you are a young professional aiming to exit the rent cycle, an entrepreneur building generational stability, or you’re a Nigerian abroad looking to secure assets locally, the product opens a pathway that has historically been out of reach for many.
Taking the First Step
For those who have been waiting for the right time, this is definitely it. The question is no longer whether homeownership is possible. The real question is: will you act before the window narrows?
Visit https://www.firstbanknigeria.com/personal/loans/mreif-home-loan/ and in no time you could be the latest homeowner in town.
Alpha Morgan Bank Deepens Presence in Abuja with New Branch in Utako
Marking another milestone in its expansion drive, Alpha Morgan Bank has opened a new branch in Utako, Abuja, reinforcing its strategy of building closer institutional ties within key business communities and bringing its financial expertise closer to individuals, and enterprises driving the city’s growth.
The new branch, located at Plot 1121 Obafemi Awolowo Way, Utako, Abuja is strategically positioned to serve individuals, entrepreneurs, and corporate clients within Utako and surrounding districts.
The expansion follows the Bank’s recently concluded Economic Review Webinar held in February 2026, as the bank continues to position as a thought-leader in the financial services industry.
Speaking on the opening, Ade Buraimo, Managing Director of Alpha Morgan Bank, said the move underscores the Bank’s commitment to accessibility and service excellence.
“Proximity matters in banking. As communities grow and commercial activity expands, financial institutions also evolve to meet customers where they are. The Utako Branch allows us to deliver our services to people in that community efficiently while maintaining the high standards our customers expect,”
The Utako location will provide a full suite of retail and corporate banking services, including account opening, deposits, transfers, business banking solutions, and financial advisory support.
Customers and members of the public are invited to visit the new Utako Branch to experience the Bank’s approach to satisfying banking.
Dangote Refinery Prioritises Domestic Supply Amid Global Energy Turbulence
By George Omagbemi Sylvester | Published by SaharaWeeklyNG
“Nigeria insulated from international fuel shocks as Dangote Petroleum commits to uninterrupted local delivery.”
Dangote Petroleum Refinery and Petrochemicals has reaffirmed its commitment to prioritising the domestic market, pledging to shield Nigerians from the ripple effects of ongoing global energy disruptions. The assurance, delivered in Lagos on 5 March 2026, comes as international refinery operations experience shutdowns or reduced output due to escalating Middle East geopolitical tensions, which have sent crude oil and petroleum product prices soaring worldwide.
“Our mandate remains clear: Nigeria’s local market takes precedence. In times of global supply shocks, we will continue to ensure that domestic availability of petrol, diesel, and kerosene is uninterrupted,” said Mr. Folorunsho Alakija, spokesperson for Dangote Petroleum Refinery.
The refinery’s declaration arrives amid mounting concerns over fuel scarcity, triggered by export restrictions imposed by major international producers, including China, and shipping delays that have further tightened global petroleum supply chains. Industry analysts have hailed the domestic focus as a critical buffer against volatility that could otherwise push Nigeria into deeper energy insecurity.
Domestic Shield Against Global Disruption
Dangote Refinery, Africa’s largest oil processing facility, has leveraged its multi-million-barrel refining capacity to mitigate Nigeria’s historical dependence on imported petroleum products. The company emphasised that prioritising local supply provides a strategic advantage in insulating the nation from international market shocks.
“Our refinery’s scale allows Nigeria to withstand short-term external disruptions. We have the infrastructure and capacity to meet local demand even when global supply chains falter,” explained Mr. Chijioke Okonkwo, Operations Director at Dangote Refinery.
The proactive approach is particularly significant as several international refineries have either reduced throughput or temporarily halted operations, causing a global scarcity of refined products. Experts warn that without domestic cushioning, fuel prices in Nigeria could have surged sharply, exacerbating inflationary pressures in a fragile economy.
Managing Costs While Prioritising Supply
In response to rising procurement costs for crude oil amid the international crisis, Dangote Refinery introduced a modest ₦100 per litre increase in the ex-depot price of Premium Motor Spirit (PMS), absorbing roughly 20 percent of the cost escalation to lessen the impact on consumers.
“We are balancing operational sustainability with affordability. While global prices have risen sharply, we have chosen to absorb a significant portion to protect Nigerian households and businesses,” noted Mr. Emmanuel Adeyemi, Chief Finance Officer.
This pricing strategy underscores the refinery’s dual focus: ensuring uninterrupted supply while cushioning the public from abrupt spikes that could destabilize economic activity. Industry observers have lauded the approach as pragmatic, considering the volatility in international oil markets.
Strategic Distribution Initiatives
Beyond refining, Dangote Petroleum has initiated Compressed Natural Gas (CNG) powered trucks to enhance nationwide distribution efficiency. The initiative seeks to reduce logistics costs and carbon emissions while ensuring a more reliable delivery network to petrol stations across urban and rural areas.
“Logistics is a critical part of the energy supply chain. By deploying CNG-powered trucks, we reduce dependency on expensive diesel, lower delivery costs, and improve supply reliability across the country,” explained Ms. Funke Adedoyin, Head of Logistics Operations.
This strategic move reflects a broader commitment to modernising Nigeria’s petroleum distribution infrastructure, reducing bottlenecks that have historically contributed to scarcity at retail outlets.
Implications for National Energy Security
Nigeria has historically struggled with fuel imports to meet domestic demand, making the country vulnerable to international market fluctuations. Dangote Refinery’s prioritisation of local supply mitigates this vulnerability by leveraging home-grown refining capacity, which allows for timely access to petroleum products and less reliance on foreign shipments.
“With Dangote Refinery leading local prioritisation, Nigeria is less exposed to global fuel shocks. The country is moving towards self-reliance in petroleum product supply,” commented Dr. Halima Suleiman, energy sector analyst.
Experts note that sustained operations at the refinery not only enhance energy security but also preserve foreign exchange, reduce import bills, and stabilise domestic market prices.
Corporate Social Responsibility and Market Stability
The refinery’s commitment is part of a broader corporate responsibility framework. Dangote Petroleum continues to engage with government agencies and regulatory bodies, ensuring that domestic supply is coordinated with Nigeria’s Petroleum Product Pricing and Regulatory Agency (PPPRA) to prevent panic buying and market distortions.
“We are in constant consultation with the government to ensure that our supply strategies align with national economic priorities,” said Mr. Alakija.
Such collaboration helps avert artificial shortages, stabilises pump prices, and maintains confidence in the domestic fuel market. Analysts argue that this approach exemplifies how private sector capabilities can complement governmental policies to enhance national resilience.
Navigating Global Uncertainties
The refinery operates in a complex global environment, where geopolitical crises, shipping constraints, and crude oil volatility can trigger disruptions. Dangote Petroleum’s domestic-first approach positions Nigeria to weather such crises more effectively.
“Global uncertainties are unavoidable, but our infrastructure and strategy ensure that Nigerians remain insulated from immediate shocks,” said Mr. Okonkwo.
This emphasis on resilience aligns with global best practices, where national refining capacity is leveraged to protect local markets from international supply disruptions.
Stakeholder Reactions
The government, civil society, and industry stakeholders have welcomed Dangote Petroleum’s strategy. Officials from the Federal Ministry of Petroleum Resources noted that prioritising local supply aligns with Nigeria’s energy security policies and reduces the burden of foreign exchange expenditures on crude imports.
“Dangote Refinery is demonstrating leadership. Its domestic prioritisation ensures that the Nigerian economy remains insulated during turbulent global markets,” said Dr. Tunji Olumide, Special Adviser on Energy.
Consumers have also expressed cautious optimism. Retail operators and commuters reported steadier fuel availability in Lagos and other cities, though concerns remain about sustained pricing and distribution efficiency.
The Road Ahead
While Dangote Refinery’s strategy provides immediate relief, experts argue that long-term stability requires further investments in alternative energy, diversified refining infrastructure, and strategic reserves. This ensures that Nigeria can withstand global shocks without relying excessively on imports or temporary supply adjustments.
“Short-term measures like prioritising local supply are critical, but long-term energy security demands diversification, renewables adoption, and consistent policy implementation,” said Dr. Suleiman.
The refinery is exploring additional initiatives, including expanding storage capacity, upgrading pipeline networks, and adopting technology-driven monitoring systems to ensure supply continuity across the country.
Final Take
By prioritising domestic fuel supply amid global market turbulence, Dangote Petroleum Refinery and Petrochemicals has demonstrated its role as a stabilising force in Nigeria’s energy sector. Through strategic logistics, modest pricing adjustments, and engagement with government regulators, the refinery is insulating the nation from international shocks while maintaining operational sustainability.
“Our responsibility extends beyond profitability; it’s about ensuring Nigerians have reliable access to essential fuel. We take that mandate seriously,” concluded Mr. Adeyemi.
The refinery’s actions offer a blueprint for how large-scale domestic capacity can protect national economies in times of global energy instability, underscoring the critical intersection of private sector resilience, public policy, and national energy security.
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