Article: The Nigerian Ports Authority (NPA) has announced a remarkable increase in revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the Federation, marking a significant milestone in its operational performance.
According to a document titled “Consolidation of Superior Performance at the Nigerian Ports Authority 2023,” the NPA’s revenue surged from N361 billion in 2022 to N501 billion by December 2023. Additionally, remittances saw a substantial rise from N93.4 billion in 2022 to N131.2 billion by the end of 2023.
The NPA also unveiled ambitious development plans aimed at transforming Nigeria’s port infrastructure. This includes a $1 billion reconstruction plan for the Tincan Island Port Complex and comprehensive rehabilitation projects for Apapa, Rivers, Onne, Warri, and Calabar port complexes. Moreover, the Authority has earmarked similar reconstruction efforts for the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports.
In its quest to enhance port competitiveness, the NPA has initiated key initiatives such as the Port Community System (PCS) and National Single Window. These efforts align with the Authority’s strategic vision of becoming the maritime logistics hub for sustainable port services in Africa.
Despite facing global economic challenges in 2023, the NPA, under the leadership of Managing Director Mohammed Bello Koko, exceeded its performance targets from the previous year. The implementation of performance improvement measures led to unprecedented revenue generation and remittances to the CRF.
Furthermore, the NPA has contributed to Nigeria’s balance of trade by promoting exports, particularly non-oil exports, to strengthen the national currency. Initiatives such as Barge Operations services have facilitated port-hinterland connectivity and generated significant revenue.
The Authority’s focus on enhancing efficiency is evident in its efforts to streamline processes and improve infrastructure. This includes increasing the number of ship calls and the successful operation of the Lekki Deep Seaport, Nigeria’s first fully automated port.
To sustain revenue performance, the NPA has diversified its income streams through Public Private Partnership modalities. Collaborations with stakeholders, such as NLNG Ship Management Limited, have also been established to enhance security and domain awareness across port locations.
Overall, the NPA’s robust performance and strategic initiatives underscore its commitment to driving economic growth and development in Nigeria’s maritime sector.