Inside NPA’s phenomenal performance in 2023
The Nigerian Ports Authority (NPA) saw a considerable improvement in its turnover for 2023, helping boost the cash the agency paid into the Consolidated Revenue Fund by 43.1 per cent year on year.
The NPA transferred N131.2 billion into the Consolidated Revenue Fund compared to N91.7 billion a year earlier, according to a document seen by PREMIUM TIMES. That translates to 26.2 per cent of the year’s revenue.
In the year under review, revenue surged to N501.5 billion after turnover grew by nearly two-fifths
The turnover for the country’s agency in charge of ports operations and activities advanced 38.9 per cent to more than half a trillion naira in the course of a year during which income generation received a major boost from the launching of West Africa’s biggest seaport by size, the Lekki Deep Sea Port, in Lagos.
A former Minister of Transportation, Rotimi Amaechi, had projected that the port, capable of handling equivalent 2.7 million 20-foot-long container units yearly, will contribute $360 billion to Nigeria’s GDP over the next 45 years.
In a separate document, the authority cited expansion in income sources, including proceeds from ports independent power production, fresh water provision, bunkering stations, ships repairs and maintenance as well as fallow lands for logistics as a key revenue drivers.
The NPA was able to “insulate its income from leakages, even as the authority firmed up its Revenue Invoice Management System (RIMs) to the cutting edge version of RIMs 2.0,” it said.
Altogether, 118,046 twenty-foot equivalent units (TEUs) of containers were moved by barge in 2023, representing a 47.1 per cent increase over what was recorded one year prior.
The Lekki Deep Sea Port processed 6,076 TEUs of transshipment cargo during the year, the NPA said.
The agency recorded 2,127 as the number of ship calls up from the 1,997 of the preceding year, indicating a 6.5 per cent improvement.
Last year, Gboyega Oyetola, the minister overseeing the newly-created marine and blue economy ministry, announced plans for complete implementation of automation and cargo tracking in Nigerian ports.
“We are going to be talking of automation of ports to make them more efficient. I would like to tell you that in another two years, it will all change,” Mr Oyetola told Gunter Pauli, a professor and sustainability expert during the latter’s business partnership to Nigeria last September.
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The Nigerian Ports Authority (NPA) saw a considerable improvement in its turnover for 2023, helping boost the cash the agency paid into the Consolidated Revenue Fund by 43.1 per cent year on year.
The NPA transferred N131.2 billion into the Consolidated Revenue Fund compared to N91.7 billion a year earlier, according to a document seen by PREMIUM TIMES. That translates to 26.2 per cent of the year’s revenue.
In the year under review, revenue surged to N501.5 billion after turnover grew by nearly two-fifths
The turnover for the country’s agency in charge of ports operations and activities advanced 38.9 per cent to more than half a trillion naira in the course of a year during which income generation received a major boost from the launching of West Africa’s biggest seaport by size, the Lekki Deep Sea Port, in Lagos.
A former Minister of Transportation, Rotimi Amaechi, had projected that the port, capable of handling equivalent 2.7 million 20-foot-long container units yearly, will contribute $360 billion to Nigeria’s GDP over the next 45 years.
In a separate document, the authority cited expansion in income sources, including proceeds from ports independent power production, fresh water provision, bunkering stations, ships repairs and maintenance as well as fallow lands for logistics as a key revenue drivers.
The NPA was able to “insulate its income from leakages, even as the authority firmed up its Revenue Invoice Management System (RIMs) to the cutting edge version of RIMs 2.0,” it said.
Altogether, 118,046 twenty-foot equivalent units (TEUs) of containers were moved by barge in 2023, representing a 47.1 per cent increase over what was recorded one year prior.
The Lekki Deep Sea Port processed 6,076 TEUs of transshipment cargo during the year, the NPA said.
The agency recorded 2,127 as the number of ship calls up from the 1,997 of the preceding year, indicating a 6.5 per cent improvement.
Last year, Gboyega Oyetola, the minister overseeing the newly-created marine and blue economy ministry, announced plans for complete implementation of automation and cargo tracking in Nigerian ports.
“We are going to be talking of automation of ports to make them more efficient. I would like to tell you that in another two years, it will all change,” Mr Oyetola told Gunter Pauli, a professor and sustainability expert during the latter’s business partnership to Nigeria last September.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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