Abbas, Oyetola advocate establishment of shipping regulatory agency

The Speaker of the House of Representatives, Tajudeen Abbas, and the Minister of Blue Economy, Gboyega Oyetola, have advocated the establishment of a shipping regulatory agency in the country. They made the call in during a public hearing on the shipping council’s repeal and enactment of the Shippers’ Council and Economic Regulatory Bill in Abuja […]

The Speaker of the House of Representatives, Tajudeen Abbas, and the Minister of Blue Economy, Gboyega Oyetola, have advocated the establishment of a shipping regulatory agency in the country.

They made the call in during a public hearing on the shipping council’s repeal and enactment of the Shippers’ Council and Economic Regulatory Bill in Abuja on Monday.

The Shipping Line Association of Nigeria also made a strong case for the establishment of the agency, adding that it would improve efficiency and lower cost.

The public hearing was organised by the House Committee on Shipping Services, Port and Harbour, Maritime Safety, Education, and Administration in Abuja.

Speaking, Abbas said the move to establish the regulatory agency was geared towards economic growth, development, and diversification, as well as strengthening the new ministry. 

He said the re-enactment seeks to ensure that the proposed agency establishes an economic regulatory framework for effective and efficient regulation of commercial and related activities in the shipping and port sectors.

He added that it was also aimed at creating an enabling environment for private sector participation in the provision and operation of regulated services in Nigeria, among others. 

“The bill also addresses offences and penalties, outlining specific non-compliance issues and their corresponding penalties,” he said.

The Minister of Blue Economy, Mr Gboyega Oyetola, while canvassing for the need to establish the regulatory agency, said it would improve the nation’s economy.

The minister, represented by Mr Oloruntola Olufemi, Permanent Secretary, Ministry of Blue Economy, said it would be a welcome development if the bill became an act.

The chairman of the committee, Rep. Abdulsamad Dasuki, promised to provide the legislative framework that would allow the bill to become an act.