The Nigerian Ports Authority (NPA) has announced a noteworthy surge in its annual revenue, reaching N501 billion in 2023 compared to N361 billion the previous year. Mohammed Bello-Koko, the Managing Director of NPA, highlighted the role of performance improvement measures in driving this substantial growth, as revealed in a statement on Thursday.
This positive trajectory follows a commendable increase in the revenue profile of NPA, which climbed from N317 billion in 2020 to N361 billion in 2022. Impressively, despite increased remittances to the Consolidated Revenue Account, rising from N80 billion to N91 billion over the past year, the NPA sustained its revenue momentum.
Commenting on this achievement, the NPA noted its success in surpassing the performance benchmarks set in 2022, solidifying its position as Nigeria’s primary trade facilitation platform. The implementation of strategic performance improvement measures played a pivotal role in achieving unprecedented revenue generation and substantial contributions to the Consolidated Revenue Fund of the Federation.
According to the NPA, the revenue growth trend continued to climb from N361 billion in 2022 to an impressive N501 billion by December 2023. Additionally, remittances experienced a substantial increase, rising from N93.4 billion in 2022 to N131.2 billion in 2023. The NPA also highlighted its significant tax contributions, with payments totaling $77.7 million and N17.6 billion to the government of the federation during the period under review.
This positive financial outlook reinforces the NPA’s commitment to fostering trade facilitation, contributing substantially to the national revenue, and maintaining its status as a key player in Nigeria’s economic landscape.
