Nigerian Ports Authority Records Strong Revenue Growth in H1 2023

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The Nigerian Ports Authority (NPA) reported robust performance in the first half of 2023, with 1,852 vessels completing operations, leading to a significant revenue of N191.4 billion. Out of this amount, N55.7 billion was remitted to the consolidated revenue fund, showcasing the authority’s commitment to fiscal responsibility and contributing to the government’s financial resources.

According to the Managing Director of NPA, Mohammed Bello-Koko, the shipping volumes in the first six months were encouraging, despite economic challenges at both micro and macro levels. The NPA’s operations were efficient, with an average turn-around-time of 5.16 days for vessels, demonstrating the authority’s dedication to providing a seamless and timely port experience for maritime activities.

Bello-Koko expressed optimism about the second half of 2023, as the current growth momentum and trend of shipping volumes usually peak during this period. The NPA aims to protect over N500 billion in revenue by year-end, with a projected increase in remittances to the consolidated revenue fund. This growth projection is supported by the operationalization of the Lekki Deep Seaport, enhanced digitalization efforts, and improvements in collection mechanisms.

The NPA’s smart policy thrust under the new administration is contributing to the positive outlook, opening up new opportunities for growth and development. Key initiatives such as the restoration of the service boat management contract and continued digitalization efforts are set to further boost the NPA’s revenue and efficiency, reinforcing the feasibility of their revenue projections.

Opinion: The Nigerian Ports Authority’s performance in the first half of 2023 is commendable, with strong revenue growth and efficient port operations. The reported increase in revenue and remittances to the consolidated revenue fund demonstrates the authority’s commitment to fiscal responsibility and contributing to the country’s financial stability. With the implementation of smart policies and ongoing initiatives, the NPA’s projection to protect over N500 billion in revenue by year-end seems feasible, paving the way for further growth and development in Nigeria’s maritime sector.

Punch.

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