The Nigerian Ports Authority (NPA) has reported a significant increase in revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the federation for the year 2023.
In a recent document titled, ‘Consolidation of superior performance at the Nigerian Ports Authority 2023 – a synopsis of the Authority’s performance improvement 2022-2023, the NPA stated that its revenue surged from N361 billion in 2022 to N501 billion by December 2023, marking a remarkable growth.
In addition to the impressive revenue figures, the NPA reiterated its commitment to a bold $1 billion reconstruction plan aimed at revitalising key port complexes in the country.
The plan includes comprehensive rehabilitation efforts for the Tincan Island Port Complex and other vital infrastructure projects in Apapa, Rivers, Onne, Warri, and Calabar port complexes.
Furthermore, the NPA also disclosed plans for the development of new port facilities, including the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports, to accommodate increasing trade activities and improve port infrastructure.
The NPA emphasised the importance of implementing performance improvement measures to achieve such remarkable results despite global economic challenges.
The authority’s strategic intent to become a leading maritime logistics hub in Africa drove initiatives such as the Port Community System (PCS) and National Single Window, aimed at enhancing port competitiveness.
