The Nigerian Ports Authority (NPA) has generated N191.4 billion in revenue in the first half of 2023 and remitted N55.7 billion to the Consolidated Revenue Fund (CRF).
With this, the Port Authority said it is now confident of generating N500 billion by the end of this year as shipping activities always peak in the second half of the year.
The NPA, Managing Director, Mr Mohammed Bello-Koko, stated this in a half-year report on Tuesday in Lagos.
Bello-Koko said that given the existential economic headwinds both at the micro and macro levels, the operational statistics for the first six months were reassuring.
He added that the data catalysed the commendable remittances to the CRF of the Federal Government.
Growth trajectory
While noting that the Port has sustained its growth trajectory despite the global economic challenges, Bello-Koko said:
- “Within the context of current global economic upheavals which have affected trade volumes in all climes, our current growth trajectory is encouraging.
- “This gives us the confidence to project revenue growth of over N500 billion with a concomitant increase in remittance to the 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 organisational initiatives.”
The NPA boss further disclosed that the operationalisation of Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation and intensified tightening of collections mechanisms buoy their confidence to exceed the revenue projections.
- “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 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 5.16 days. This is an improvement and we have put measures in place to surpass in the second half of 2023,” he said.
Bello-Koko said that the authority was poised to transform its projections into actualities.
According to him, the NPA would focus on finalising financing arrangements for the port rehabilitation drive, the conclusion of all digitalisation geared toward the improvement of efficiency during the second half of the year.
He added that the Authority would collaborate with landlocked neighbouring countries such as Niger and Chad for transhipment of their cargoes.