NPA Grows Revenue 38.8% to N501bn in 2023

By Adedapo Adesanya

The Nigerian Ports Authority (NPA) says its annual revenue grew by 38.8 per cent to N501 billion in 2023 from N361 billion in the preceding year.

The Managing Director of NPA, Mr Mohammed Bello-Koko, in a statement, attributed the revenue growth to the implementation of performance improvement measures.

He said the growth was a continuous testament to the revenue profile of NPA which rose from N317 billion in the disruptive 2020 to N361 billion in 2022, despite its remittances to the Consolidated Revenue Account increasing from N80 billion to N91 billion in the last year.

The statement noted that the ports regulator had “succeeded in leapfrogging Nigeria’s foremost trade facilitation platform to surpass its sterling performance” in 2022.

“The implementation of performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund of the Federation, with revenues steadily growing from N361 billion in 2022 to N501 billion as of December 2023,” it added.

NPA disclosed that remittances rose by an equivalent of 40.5 per cent from N93.4 billion in 2022 to N131.2 billion in 2023, adding that taxes paid to the government of the federation grew at various times in the period under review, “totalling $77.7 million and N17.6 billion.”