The Nigerian Ports Authority (NPA) has disclosed that it grew its revenue from N361 billion in 2022, to N501 billion as of December 2023.

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NPA said its remittances to the Federation Account increased from N93.4 billion in 2022, to N131.2 billion by year end 2023.

In a document titled, “Consolidation of superior performance at the Nigerian Ports Authority 2023 – a synopsis of the Authority’s performance improvement 2022-2023,” NPA also reiterated its ambitious $1 billion reconstruction plan for the Tincan Island Port Complex and the comprehensive rehabilitation of Apapa, Rivers, Onne, Warri, and Calabar port complexes.

The Authority disclosed that it had earmarked for similar reconstruction, under the new ports developments plan, the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep seaports.

Other initiatives planned towards enhancing port competitiveness included the emplacements of the Port Community System (PCS) and National Single Window.

The NPA management said it was poised to transform the authority’s strategic intent of being the maritime logistics hub for sustainable port services in Africa, from potential to actuality.

The management also stated that despite global economic headwinds that characterised 2023, the Managing Director, Mohammed Bello Koko, succeeded in leapfrogging Nigeria’s foremost trade facilitation platform to surpass its sterling performance of 2022.

It said the implementation of performance improvement measures resulted in unprecedented revenue generation and remittances to the CRF. The document also captured taxes paid to the federal government, which, according to it, grew at various times in the period under review, totalling $77.7 million and N17.6 billion, respectively.

NPA also disclosed that it collaborated with the NLNG Ship Management Limited to deploy the Vessel Traffic Service (VTS) to complement the newly-equipped control towers across its locations in order to assure stakeholders of its domain awareness capacity for enhanced security and response to emergent threats and vulnerabilities.