Nigeria’s Port Economic Regulator, the Nigerian Shippers’ Council (NSC), has directed all shipping companies, shipping agents, and terminals operating within Nigerian ports to suspend and refrain from implementing any review or upward adjustment of their charges until they have fully engaged their stakeholders.
The Council wishes to clarify that the recent adjustment was approved strictly in accordance with its statutory mandate as the Port Economic Regulator. The Council affirms that all tariff reviews were conducted in a transparent, structured, and well-defined regulatory process. These processes included detailed technical and consultative engagement with affected service providers, aimed at examining the cost drivers, operational realities, investment obligations, and regulatory compliance.
The engagements did not constitute automatic approvals; rather, they informed a broader evaluative process. Final determinations were reached only after rigorous internal, technical, and financial assessments guided by empirical evidence, regulatory benchmarks, and prevailing economic conditions.
Notwithstanding, Shipping companies, agents, and terminal operators are hereby directed to suspend any intended review of charges until they have duly consulted and engaged their stakeholders. As the Port Economic Regulator, the Nigerian Shippers’ Council will wield the big stick against any port service providers disrupting port operations.
The Council emphasised that transparency, fairness, and stakeholder participation are fundamental principles underpinning port economic regulation in Nigeria.
The Executive Secretary/Chief Executive Officer of the Council, Dr. Pius Akutah (MON), further warned that the Council is empowered under its regulatory mandate to apply appropriate sanctions against defaulting operators, including enforcement measures provided for under relevant regulatory frameworks. He encourages constructive engagement, dialogue, and compliance. However, any service provider that proceeds with charge reviews without stakeholders’ engagement should be prepared to face decisive regulatory action.
He assured that the Nigerian Shippers’ Council remains committed to protecting the interests of port users, promoting fair competition, and ensuring a balanced and predictable business environment within the Nigerian maritime industry.