2023: NPA targets N500bn revenue, generates N191.4bn in Q1, Q2

The Nigerian Ports Authority (NPA) on Tuesday revealed that the agency generated N191.4bn revenue and remitted N55.7bn to the Consolidated Revenue Fund (CRF) of the Federal Government in the first half of 2023.

This is even as the NPA said it is targeting N500bn as revenue by year end of 2023.

According to a statement issued by the NPA on Tuesday, the agency said that the operationalization of the Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation and intensified tightening of collections mechanisms buoys it’s confidence at meeting and indeed exceeding the revenue projections set for the year 2023.

According to the NPA statement signed by it’s Managing Director/CEO, Mohammed Bello-Koko, “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. 

“The NPA, in the same period, remitted N55,712, 565, 027.46 to the Consolidated Revenue Fund (CRF) of the Federation.”

Elucidating on the report, Bello Koko added that given the existential economic headwinds both at the micro and macro levels, these operational statistics for the first six months were reassuring, adding that they catalyzed the commendable remittances to the Consolidated Revenue Fund (CRF) of the Federal Government thus far.

In the words of the NPA MD, “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 500 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 organizational initiatives.

“The operationalization 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 1,851 vessels for the 1st half of 2023 with a combined Gross Registered Tonnage (GRT) of 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 this in the second half of 2023.”

Speaking further, Mr. Mohammed Bello Koko added that, “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 patronize our ports as hubs for transshipment cargo.

“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.”