NPA Generates N191.4bn Revenue in First Half of 2023

•Remits N55.7bn to consolidated revenue fund 

•Bello-Koko projects over N500bn revenue by year-end

Oluchi Chibuzor

The Nigerian Ports Authority (NPA) has generated a total revenue of N191, 430,093,501.00 from its operations in the first half of 2023.

On the other hand, the NPA, in the same period, remitted N55,712, 565, 027.46 to the Consolidated Revenue Fund (CRF) of the Federation.

These disclosures were contained in a half-year 2023 performance reports released by the NPA Managing Director and Chief Executive Officer, Mohammed Bello Koko.

Elucidating on the report, Bello Koko said given the existential economic headwinds both at the micro and macro levels, the operational statistics for the first six months were reassuring, adding that they catalysed the commendable remittances to the CRF of the federal government thus far.

According to him, “viewed within the context of current global economic upheavals which have affected trade volumes in all climes, our current growth trajectory is encouraging and gives us confidence to project a revenue growth of over N500 billion with concomitant increase in remittance to CRF by end-of-year 2023, given that shipping activities peak around the second half of the year’.

“The smart policy thrust of the new administration which is already throwing up new vistas of growth further lends credence to the feasibility of our projections and gives fillip to our organisational initiatives.”

Koko added that, “the operationalisation of Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation and intensified tightening of collections mechanisms buoys our confidence at meeting and indeed exceeding the revenue projections.”

The Authority has completed operations on a total number of one thousand eight hundred and fifty-one (1851) vessels for the first half of 2023 with a combined Gross Registered Tonnage (GRT) of fifty-seven million, eight hundred and seventy thousand and eighty-three (57,870,083). Cargo throughput for the period under review stood at 33,895,784 metric tonnes, whilst container traffic was 707,985 TEUs (Twenty-foot Equivalent Units).

A key indicator of port efficiency which is the average turn-around-time (TAT) of vessels, stood at 5.16days. “This is an improvement and we have put measures in place to surpass in the second half of 2023” says Mohammed Bello Koko.

Speaking further, Bello Koko said “we are poised to transform our projections to actualities. The remaining half of the year 2023 will be focused on finalising financing arrangements for our port rehabilitation drive, conclusion of all digitalisations geared towards improvement of efficiency and collaboration with landlocked neighbouring countries like Niger and Chad with whom we have already opened discussions to patronise our ports as hubs for transshipment cargo.”

The NPA boss concluded the report by remarking that, “as a management team, we remain unwavering in our resolve to continuously improving on service excellence, blocking avenues of income leakages, curbing waste and tightening collection mechanisms in a bid to surpass stakeholders’ expectations and support the national economy.”