NPA MD Bello-Koko
Highlight

NPA restates its $1bln port reconstruction plan, generates record N501bln revenue in 2023

The management also stated that the Authority sustained its revenue performance during the period under review by looking beyond the sole dependence on earnings from core port operations.

691

The Nigerian Ports Authority (NPA) has revealed that, as of December 2023, its revenue had increased from N361 billion in 2022 to N501 billion, marking unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the Federation.

According to NPA, by the end of 2023, its remittances had climbed from N93.4 billion in 2022 to N131.2 billion.

A summary of the Nigerian Ports Authority’s performance improvement from 2022 to 2023, “Consolidation of superior performance at the Nigerian Ports Authority 2023,” was the document’s title obtained by Persecondnews.

The NPA also reaffirmed its ambitious $1 billion reconstruction plan for the Tincan Island Port Complex and the thorough restoration of the port complexes in Apapa, Rivers, Onne, Warri, and Calabar.

The Authority revealed that the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports were designated for comparable reconstruction under the new ports development plan.

The National Single Window and the Port Community System (PCS) were two further planned measures aimed at improving port competitiveness.

According to the NPA administration, the organization is ready to go from a prospective strategic intent to a reality by being the marine logistics hub for sustainable port services in Africa.

The management added that Mohammed Bello Koko, the Managing Director, was able to outperform Nigeria’s leading trade facilitation platform in 2022 even with the global economic challenges that marked 2023.

It claimed that the use of performance enhancement strategies produced before unseen levels of income creation and CRF remittances.

The record also included the amount of taxes paid to the federal government, which increased over the course of the review period and came to a total of N17.6 billion and $77.7 million, respectively.

NPA revealed that, in response to the need for the country to support the naira, it promoted exports, particularly non-oil exports, which deepened Nigeria’s trade balance.

The management stated that NPA started offering Barge Operations services in order to foster multi-modalalism and generate new business in accordance with international best practices as advised by the International Association for Ports and Harbours (IAPH).

In addition to relieving traffic on the roads, this service has grown to generate N2 billion in revenue annually from direct investment and related externalities.

“Movement of cargo by barge has greatly enhanced port-hinterland connectivity as evidenced by the meteoric rise in numbers from a total of 80,244 TEUs in 2022, which by 2023 had grown to 118,046 TEUs.
“The NPA, during the period under review, licenced 10 Export Processing Terminals to facilitate exports at Nigerian Sea Ports.

“This move, which provided a one-stop shop for export processing, where quality control, cargo assessment and statutory checks by all government agencies were carried out, was geared towards eliminating all bureaucracy and attendant delays that hitherto undermined the competitiveness of Nigerian exports in the International market place.

“The resultant effect of this initiative was a quantum leap in the numbers of Nigerian export-laden containers from 156,790 Twenty Foot Equivalent Units (TEUs) in 2022, to 226,456 TEUs in 2023,” it said.

Besides, NPA said it had grown the number of ship calls sequel to the consistent dredging of channels, installation of buoys, and improved security at the port channels. It said the number of ship calls grew from 1,997 in 2022, to 2,179 vessels by the end of 2023.

NPA disclosed that the Lekki Deep Seaport, which doubles as Nigeria’s first fully automated port at take-off, processed 6,076 TEUs of transhipment cargo.

It explained it represented a swift move that signposted NPA’s readiness to cater to the maritime needs of Nigeria’s landlocked neighbouring countries, and win back cargo hitherto lost to maritime neighbours.

“To maximize the distinctive advantage of economies of scale that the Lekki Deep Seaport with its capacity to berth super post panamax vessels, the Authority in 2023 acquired and deployed two units of first-of-its-kind in Africa Azimuth Stern Drive (ASD) 8213 model 80 Ton Bollard Pull Tugboats to enable the berthing of very large vessels of 300 metres LOA and above.”

The management also stated that the Authority sustained its revenue performance during the period under review by looking beyond the sole dependence on earnings from core port operations.

It said the Authority had set Public Private Partnership modalities in motion to derive revenue from Ports Independent Power Production, Bunkering Stations, Fallow Lands for Logistics, Fresh Water Provision and Ship Repairs and Maintenance, and to insulate its income from leakages, even as it firmed up its Revenue Invoice Management System (RIMs) to the cutting edge version of RIMs 2.0

NPA also announced that it collaborated with the NLNG Ship Management Limited to deploy the Vessel Traffic Service (VTS) to complement the newly-equipped control towers across its locations.

“This in order to assure stakeholders of its domain awareness capacity for enhanced security and response to emergent threats and vulnerabilities.”

Leave a comment

Related Articles

Defence Minister Urges Youth Council To Join Fight Against Oil Theft

The Minister of Defence, Mr. Mohammed Abubakar, has called on the National...

NNPC Ltd. Chief advocates Special Court for Crude Oil Theft, Pipeline Vandalism

“Together, we can ensure that the benefits of our natural resources are...

WCQ: NFF Set To Hire Foreign Technical Adviser For Super Eagles

In a bid to salvage Nigeria’s 2026 World Cup aspiration, the Executive...

Eid-el-Kabir: Kano Police prohibits Durbar celebrations for security reasons

Ahead of Eid-el-Kabir, the Kano State Police Command has banned all Durbar...

Federal court insists it has jurisdiction to hear deposed Emir Bayero’s rights violation suit

The Federal High Court in Kano has affirmed its jurisdiction to hear...

Messi to miss Olympics but leaves door open for 2026 World Cup

Eight-time Ballon d’Or winner Lionel Messi has disclosed that he will not...

Just in: Supreme Court reserves judgment in FG’s suit seeking full local govt. autonomy

The Supreme Court has reserved judgment in the Federal Government’s suit against...

FG warns of massive layoffs as labor disagrees on N62,000 minimum wage

The Federal Government has asked organized labor to take into account the...

CNG now available for purchase for cars, trucks, says Soneye

Barely a month after deploying Compressed Natural Gas (CNG) delivery installations in...

Soludo cautions Pres. Tinubu against unsustainable minimum wage

The Anambra State Governor, Prof. Chukwuma Soludo, has cautioned President Bola Tinubu...

Democracy Day: I didn’t fall, I prostrated for our country attaining Silver Jubilee—Tinubu

President Bola Tinubu has downplayed the momentary slip during the presidential parade...

Power supply: Ogun set to acquire abandoned River Basin Development Authority’s hydro power plant

Ogun Gov. Dapo Abiodun has expressed interest in acquiring the abandoned hydro...

June 12: Ogun Gov. Abiodun pays homage to Abiola’s family, urges national perseverance

Governor Dapo Abiodun of Ogun State has urged Nigerians to remain committed...

Democracy Day: Give Nigerian workers living wage, group urges Tinubu

As Nigerians commemorate 25 years of unbroken democracy, a socio-political group, the...

Presidential aide shrugs off Tinubu’s slip at Eagles Square as minor mishap

President Bola Tinubu’s Special Adviser on Social Media, Mr. Dada Olusegun, has...

Pres. Tinubu lauds, acknowledges Nigerian media’s contributions to democracy

President Bola Ahmed Tinubu has acknowledged the significant contributions of the media...

Democracy Day: Tinubu promises swift action on minimum wage legislation, hails heroes, heroines of June 12

…pays glowing tributes to MKO Abiola, Kudirat Abiola, Yar’Adua, Rewane, and other...

Democracy Day: Pres.Tinubu to address Nigerians on Wednesday

President Bola Tinubu will deliver a special Democracy Day address to the...

Nigeria’s 25 years of democracy: Ex. Pres. Jonathan calls for inclusive democracy, national unity

Former President Goodluck Jonathan has urged Nigerians to adopt democratic practices that...

Court didn’t declare Amaewhule, 26 defected assemblymen PDP members, Rivers AG clarifies

The Rivers State Government has clarified that the State High Court did...