NPA records N191.4bn revenue in first half of 2023, remits N55.7bn to nation’s Consolidated Revenue Fund

…projects N500bn revenue by year end 2023 with shipping volumes peaking from July to December

by Per Second News
2 minutes read

The Nigerian Ports Authority (NPA) says it has recorded a total revenue of N191.43 billion in the first half of 2023.

Of the amount, the NPA had in the same period remitted N55.71 billion to the Consolidated Revenue Fund (CRF) of the Federation.


The NPA disclosed this in a half-year 2023 performance report released by the NPA Managing Director/CEO, Mr Mohammed Bello Koko and given to Persecondnews.

Excited about the existential economic headwinds both at the micro and macro levels, Bello-Koko described the operational statistics for the first six months of the year as reassuring as they catalyzed the commendable remittances to the Consolidated Revenue Fund (CRF) of the Federal Government thus far.

“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, digitalization and intensified tightening of collections mechanisms buoys our confidence at meeting and indeed exceeding the revenue projections,’’ the NPA boss said.

The report said NPA has completed operations on a total number of one thousand eight hundred and fifty-one (1851) vessels for the 1st 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, while 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.

“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 digitalization 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,’’ Bello-Koko said in the report.

He restated the commitment of the management to remain unwavering in its resolve to continuously improving on service excellence, blocking avenues of income leakages, curbing waste and tightening collection mechanisms.

This, he said, would help NPA to surpass stakeholders’ expectations and also support the national economy.


You may also like


About Us

PSN online prides itself in its ability to generate and publish quality content that attracts a broad user base. Our editorial team situated across the continent, works day and night to update our sites, with a special focus on breaking news flashes.

@2023 – All Right Reserved.