NPHA ’ll safeguard investments, NASS assures investors

Th e National Assembly (NASS) has assured investors that the recently enacted Nigerian Ports and Harbour Authority (NPHA) Law would provide robust backing for investments in the maritime sector. Th e position of the NA was conveyed to the investors during a stakeholders meeting on trade facilitation in Lagos by the Chairman, Senate Committee on Marine Transport, Senator Ovie Omo-Agege. He said the law has opened another chapter for investors in the maritime sector. “Recently the senate moved boldly to further re-engineer our Maritime Sector by passing the Nigerian Ports and Harbour Authority (NPHA) Bill to promote responsible and globally competitive shipping operations in Nigeria. We are also at the verge of enacting an act to establish the ‘game-changing National Transports Commission (NTC) as an independent multimodal support sector regulator. “Th e NPHA law speaks to the National Assembly’s collective conviction that our maritime sector can only be truly developed based on global best practice and unique investors friendly incentives. Th at is why we fully support current reforms being undertaken by the management of NPA anchored on transparency and due process. “Without question, the new NPHA is a watershed legislative intervention to transform our maritime sector. It off ers tremendous support oppourtunities and protections for Foreign Direct Investment (FDIS). “We encourage this august audience to confi dently join us as our Nation takes concrete steps through our team of leaders at the NPA to tap our vast maritime opportunities” he said. Th e Senator added that the laws were designed to give comfort to investors in line with the policies of President Muhammadu Buhari’s government. According to him, the law was designed to guarantee the integrity, effi ciency and safe operation of Ports and Harbours based on principles of accountability, fair competition and transparency. “Th e law is about transforming the maritime sector and promoting trade in an enabling environment of unhindered private sector participation as articulated in various international conventions and protocols “It is our nation’s mutual interest to engage regularly to take proactive advantage of existing and new investment opportunities. Our primary interest in the National Assembly is to provide oversight and robust statutory frameworks for the functioning of our governmental, corporate and social process.