Behind the Scenes: Delving into NPA’s Exceptional 2023 Performance

Delving into NPA's Exceptional 2023 Performance
Lekki Deep Seaport berthing largest container vessel on Nigerian Waters (PHOTO CREDIT - Nigerian Ports on Twitter)

Behind the Scenes: Delving into NPA’s Exceptional 2023 Performance

The Nigerian Ports Authority (NPA) experienced a significant uptick in its turnover for the year 2023, resulting in a substantial increase in the amount of funds transferred to the Consolidated Revenue Fund. According to documents obtained by PREMIUM TIMES, the NPA deposited N131.2 billion into the Consolidated Revenue Fund, marking a 43.1 percent increase compared to the previous year’s contribution of N91.7 billion. This translates to 26.2 percent of the total revenue generated for the year.

The agency, responsible for overseeing port operations and activities in the country, recorded a 38.9 percent increase in turnover, surpassing half a trillion naira. This growth was largely attributed to the inauguration of the Lekki Deep Sea Port in Lagos, the largest seaport in West Africa in terms of size. Former Minister of Transportation, Rotimi Amaechi, projected that the port, capable of handling 2.7 million 20-foot-long container units annually, would significantly contribute to Nigeria’s GDP over the next 45 years.

Expansion in income sources, including revenue from ports’ independent power production, provision of fresh water, bunkering stations, ship repairs and maintenance, as well as utilization of fallow lands for logistics, were cited as key drivers of increased revenue by the NPA.

The NPA also emphasized its efforts to safeguard revenue through measures such as strengthening its Revenue Invoice Management System (RIMs) to the advanced version of RIMs 2.0, thereby minimizing leakages.

In terms of operational performance, the agency reported a notable increase in the movement of containers by barge, with 118,046 twenty-foot equivalent units (TEUs) transported in 2023, representing a 47.1 percent surge from the previous year. Additionally, the Lekki Deep Sea Port handled 6,076 TEUs of transshipment cargo during the year.

Ship calls also saw improvement, with 2,127 recorded in 2023 compared to 1,997 in the previous year, indicating a 6.5 percent increase. Plans for further modernization and efficiency enhancement in Nigerian ports, including complete automation and cargo tracking, were announced by Gboyega Oyetola, the minister overseeing the newly-created marine and blue economy ministry. Oyetola expressed the government’s commitment to implementing these reforms within the next two years to enhance port operations and efficiency.

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