NPA eyes ₦1.28 Trillion revenue in 2025, targets najor Port reforms, modernisation

The Nigerian Ports Authority (NPA) has set an ambitious revenue target of over ₦1.27 trillion for the 2025 fiscal year, marking a 40 per cent increase from the ₦894.86 billion it generated in 2024.

This projection was unveiled by the NPA Managing Director, Abubakar Dantsoho, during a budget defence session with the House of Representatives Committee on Ports and Harbours on Monday.

Dantsoho attributed the expected revenue boost to a series of modernization initiatives, the full activation of Dangote Refinery’s marine operations, and new technology deployments aimed at improving port efficiency. He noted that over 70 per cent of the proposed expenditure would go into capital projects to strengthen Nigeria’s maritime infrastructure.

For 2024, the NPA had a revenue target of ₦865.39 billion but surpassed it by generating ₦894.86 billion. However, only ₦417.86 billion of its ₦850.92 billion expenditure budget was utilised as of the time of reporting. Despite this, the Authority made a record remittance of ₦400.8 billion to the Consolidated Revenue Fund (CRF), nearly doubling the ₦213.23 billion it contributed in 2023.

The anticipated increase in 2025 revenue is expected to come from ship dues, cargo dues, concession fees, and administrative revenue, driven by operational improvements at upgraded terminals and full operations at Dangote Refinery. The refinery alone is projected to attract over 600 vessels annually through its Single Point Mooring system.

Other initiatives include the implementation of key automation tools such as the National Single Window, the Port Community System, and the Vessel Traffic Management System, along with increased cargo throughput due to global trade disruptions.

Out of the ₦1.14 trillion expenditure budget proposed for 2025, ₦778.46 billion will be invested in revitalizing essential port infrastructure like the Calabar, Warri, and Burutu ports, improving channel depth, upgrading towage services, and ensuring compliance with international security standards.

Dantsoho emphasised the importance of investing in infrastructure and technology to retain Nigeria’s competitiveness, especially as neighbouring countries modernise their ports. He also highlighted plans to bridge technology gaps and enhance cybersecurity within Nigerian ports.

The Chairman of the House Committee on Ports and Harbours, Hon. Nnolim Nnaji, praised the NPA’s performance and urged it to sustain its momentum, given the ports’ critical role in national revenue generation and employment creation.

“No country can thrive economically without high-performing ports. The NPA must meet the growing expectations despite operational difficulties,” Nnaji stated.

He added that while new port developments are welcome, existing infrastructure must not be abandoned to ensure long-term sustainability.

The lawmakers charged the NPA to present a clear strategy on how its 2025 financial plan would tackle national concerns while positioning Nigeria for greater relevance in global maritime trade.