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Nigerian Ports Authority generates N191.4bn in H1…projects N500bn revenue by Dec. 2023

…As 1851 vessels with combined GRT of 57,870,083 call at ports

The Nigerian Ports Authority (NPA) has disclosed a revenue generation of over N191.4 billion in the first half of 2023.

The development is even as the Managing Director of the NPA, Mr Mohammed Bello-Koko, has projected a total revenue generation of N500bn by the end of December 2023.

Bello-Koko made the projection based on the current momentum and the recurrent trend of shipping volumes peaking from July to December.

The projection is contained in a half-year 2023 performance reports released by the authority this week.

The NPA, in the period in review, remitted N55,712, 565, 027.46 to the Consolidated Revenue Fund (CRF) of the Federation, according to the half-year 2023 performance reports released by the authority.

Explaining on the report, Bello Koko said 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.

Bello-Koko said, “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.”

Koko added that “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”.

According to the report, the Authority has completed operations on a total number of 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, 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 in the second half of 2023”, Mohammed Bello Koko said.

He added, “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”.

The NPA boss concluded the report by remarking that “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.”

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