The Nigerian Port Authority (NPA) generated ₦541 billion revenue in the first half of 2024, Mr. Mohammed Bello-Koko, the outgoing Managing Director, has disclosed.
Speaking in Lagos on Monday while handing over to the new Managing Director, Dr. Abubakar Dantsoho, he said the agency also remitted ₦255 billion out of N541 billion into the Consolidated Revenue Funds (CRF) during the period.
According to Bella-Koko, the agency’s performance in the first half of 2024 exceeded its year-on-year total revenue generation and remittances in any previous year.
He said the agency generated N1.423 trillion revenue between 2022 and the first half of 2024.
The outgoing managing director said his administration introduced sustainable reforms in the shipping operations, such as improvements in the turn-around times of vessels and trucks in Apapa and Tin Can ports.
He said he was handing over a new staff clinic and five other new projects to his successor.
Koko said: “We recorded an unprecedented growth in revenue generation and remittances to the Consolidated Revenue Fund (CRF) from revenue of ₦381 billion in 2022 and ₦501 billion in 2023 to ₦541 billion in the first half of 2024 and remittances to CRF increasing from ₦93.4 billion in 2022 to ₦206 billion in 2023 and to ₦255 billion in the first half of 2024—surpassing our year-on-year total revenue generation and remittances in any year.
“We achieved unprecedented tax remittances to the Federal Government ranging up to N60 billion in the period of my stewardship.
”We raised the bar higher. Our hope and prayers are for the new management to continue on this trajectory and surpass it. But we were also deliberate on dialogue and driving reforms.”
He listed some of his achievements in office, including all-round port efficiency.
“We hit the ground running with the necessary approvals to get the Lekki Deep Seaport fully operational to retake the lost transit and transshipment cargo.
“We promoted the non-oil export drive of the President by setting up ten (10) Export Processing Terminals (EPTs), mainstreaming it to the NXP and e-call up system to facilitate exports, and the result is evident in the attainment of a foreign trade surplus, as highlighted in the NBS report for Q1 2024.
“We upgraded Data Center, Servers, Storage, and Business Continuity.E stablished a data recovery and protection unit with an up-to-date data protection audit certification. We digitized staff attendance for accountability and improved productivity.
“We ensured the sustainability and free flow of cargo by clearing the decade-long traffic gridlock menacing the Apapa and Tincan Island port complexes and its environs.
“We provided aids to navigation such as buoys, fenders, and bollards across all the ports, and also enhanced seaside operations by providing marine crafts, pilot cutters, tugboats, mooring boats, etc. to improve port efficiency.
“These led to a reduction in both vessel and truck turn-around times. The vessel TAT went down from an average of 6.5 days to an average of 5 days, while the truck TAT went from an average of 10 days to a few hours. We restored service boat management contract with its attendant boost in revenue,” he said.
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