NPA Achieves Record Revenue of N501 Billion in 2023

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The Nigerian Port Authority (NPA), Managing Director, Mohammed Bello Koko’

The Nigerian Port Authority (NPA) has achieved unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the federation, with revenues steadily growing from N361 billion in 2022 to a remarkable N501 billion as of December 2023. Remittances also saw a significant increase, rising 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, succeeded in surpassing the sterling performance of the previous year despite facing global economic challenges.

The document highlights the taxes paid to the government of the federation, which grew to $77.7 million and N17.6 billion respectively during the period under review.

Additionally, the NPA has announced an ambitious $1 billion reconstruction plan for the Tincan Island Port Complex, along with comprehensive rehabilitation projects for the Apapa, Rivers, Onne, Warri, and Calabar Port complexes. Furthermore, plans for the development of new ports, including the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports, have been outlined.

The NPA’s contributions to deepening Nigeria’s balance of trade, particularly through the promotion of non-oil exports, have been significant. The initiation of barge operations services has not only reduced pressure on roads but has also become a N2 billion annual generation business, contributing to port-hinterland connectivity and cargo movement.

Moreover, the licensing of 10 Export Processing Terminals has facilitated exports at Nigerian seaports, resulting in a substantial increase in Nigerian export-laden containers from 156,790 TEUs in 2022 to 226,456 TEUs in 2023. The number of ship calls also saw growth, rising 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, signaling the NPA’s readiness to meet the maritime needs of landlocked neighboring countries and reclaim lost cargo.

The achievements under Mohammed Bello Koko’s leadership highlight the NPA’s commitment to driving growth, efficiency, and innovation in Nigeria’s maritime sector, contributing significantly to the nation’s economic development and global trade competitiveness.

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