THE NIGERIAN PORTS AUTHORITY (NPA) REPORTED A REVENUE GROWTH TO N501 BILLION IN THE YEAR 2023.
The Nigerian Port Authority (NPA) has achieved unprecedented revenue generation and contributions to the Consolidated Revenue Fund (CRF) of the federation. Revenues have steadily increased from N361 billion in 2022 to N501 billion as of December 2023, while remittances rose from N93.4 billion in 2022 to N131.2 billion by the end of 2023.
In a document titled ‘Consolidation of Superior Performance at the NPA – A Synopsis of the Authority’s Performance Improvement 2022-2023,’ the Managing Director, Mohammed Bello Koko, navigated the NPA through global economic challenges, surpassing the sterling performance of the year 2022.
The document highlighted taxes paid to the government of the federation, totaling $77.7 million and N17.6 billion, respectively, during the period under review. The NPA also unveiled a $1 billion reconstruction plan for the Tincan Island Port Complex and comprehensive rehabilitation plans for the Apapa, Rivers, Onne, Warri, and Calabar Port complexes. The Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports are also earmarked for reconstruction under the new ports development plan.
The NPA contributed to the deepening of Nigeria’s balance of trade by promoting non-oil exports. Barge operations services were initiated to reduce road pressure, resulting in a N2-billion annual generation business. The movement of cargo by barge significantly enhanced port-hinterland connectivity, with TEUs rising from 80,244 in 2022 to 118,046 in 2023.
Ten Export Processing Terminals were licensed to facilitate exports at Nigerian seaports, leading to a substantial increase in the number of Nigerian export-laden containers, from 156,790 TEUs in 2022 to 226,456 TEUs in 2023. The NPA also increased the number of ship calls from 1,997 vessels in 2022 to 2,179 vessels by the end of 2023.
The Lekki Deep Sea Port, Nigeria’s first fully automated port, processed 6,076 TEUs of transshipment cargo, showcasing the NPA’s readiness to cater to the maritime needs of Nigeria’s landlocked neighboring countries and reclaim lost cargo.
Sunday Michael Ogwu; From the News source: DailyTrust
