In a notable stride, the Nigerian Ports Authority (NPA) showcased a significant upswing in its turnover for the fiscal year 2023, resulting in a remarkable surge in the agency’s contributions to the Consolidated Revenue Fund, marking a 43.1% increase year-on-year.
According to documents obtained by PREMIUM TIMES, the NPA disbursed N131.2 billion into the Consolidated Revenue Fund, a notable jump from N91.7 billion recorded in the previous year, constituting 26.2% of the total revenue for the year.
The NPA’s revenue skyrocketed to N501.5 billion in 2023, driven by a substantial growth of 38.9%, attributed largely to the inauguration of the Lekki Deep Sea Port, the largest seaport in West Africa by size, situated in Lagos.
Former Minister of Transportation, Rotimi Amaechi, estimated that the port, with a capacity to handle 2.7 million 20-foot-long container units annually, would contribute $360 billion to Nigeria’s GDP over the next 45 years.
A separate report from the authority highlighted diversification in income streams, including revenues from independent power production, provision of fresh water, bunkering stations, ship repairs and maintenance, as well as utilization of fallow lands for logistics, as pivotal drivers of revenue growth.
The NPA credited its ability to safeguard revenue from leakages to the enhancement of its Revenue Invoice Management System (RIMs) to the advanced RIMs 2.0 version.
Notably, barge movements saw a significant uptick, with 118,046 twenty-foot equivalent units (TEUs) of containers transported via barges in 2023, marking a notable 47.1% increase compared to the previous year.
The Lekki Deep Sea Port handled 6,076 TEUs of transshipment cargo during the same period, further underscoring its operational significance.
Ship calls also experienced a rise, with 2,127 recorded in 2023, reflecting a 6.5% improvement from the preceding year.
Minister Gboyega Oyetola, overseeing the newly-established marine and blue economy ministry, announced plans for the full implementation of automation and cargo tracking in Nigerian ports last year, signaling a concerted effort towards enhancing efficiency and modernization within the port operations.
“We are embarking on the automation of ports to enhance efficiency. In the next two years, we anticipate significant transformations,” Mr. Oyetola remarked during a business partnership meeting with Gunter Pauli, a renowned professor and sustainability expert, in Nigeria last September.
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