Business

NPA generates N191.4bn, remits N55.7bn in 6 months

The Nigerian Ports Authority (NPA) has generated N191.4 billion revenue in the first half of 2023 and remitted N55.7 billion to the Consolidated Revenue Fund (CRF).

The NPA Managing Director, Mohammed Bello-Koko, stated this in half year report on Tuesday, July 18, 2023.

Bello-Koko stated that given the existential economic headwinds both at the micro and macro levels, the operational statistics for the first six months were reassuring.

He said the data catalysed the commendable remittances to the CRF of the Federal Government.

The NPA boss said: “Within the context of current global economic upheavals which have affected trade volumes in all climes, our current growth trajectory is encouraging.

“This gives us confidence to project a revenue growth of over N500 billion with concomitant increase in remittance to the CRF by end-of-year 2023, given that shipping activities peak around the second half of the year.

“The smart policy thrust of the new administration which is already throwing up new vistas of growth further lends credence to the feasibility of our projections and gives fillip to our organisational initiatives.”

Bello-Koko noted that the operationalisation of Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation, and intensified tightening of collections mechanisms buoys their confidence to exceed the revenue projections.

He added: “The authority has completed operations on a total number of 1851 vessels for the 1st half of 2023 with a combined Gross Registered Tonnage (GRT) of 57,870,083.

“Cargo throughput for the period under review stood at 33,895,784 metric tonnes, whilst container traffic was 707,985 TEUs (Twenty-foot Equivalent Units).

“A key indicator of port efficiency which is the average turn-around-time (TAT) of vessels, stood at 5.16 days.

“This is an improvement and we have put measures in place to surpass in the second half of 2023.”

Bello-Koko said the authority was poised to transform its projections to actualities, adding that the NPA would focus on finalising financing arrangements for port rehabilitation drive, conclusion of all digitalisations geared toward improvement of efficiency during the second half of the year.

He said the authority would also collaborate with landlocked neighbouring countries such as Niger and Chad for transshipment of their cargoes.

The NPA boss stated: “As a management team, we remain unwavering in our resolve to continuously improve on service excellence, blocking avenues of income leakages.

“We will also curb waste and tighten collection mechanisms in a bid to surpass stakeholders’ expectations and support the national economy.”

The Star