By Mercy Gadia Adi
The Nigerian Ports Authority (NPA) has set a visionary goal to generate ₦1.279 trillion in revenue for the 2025 fiscal year, a significant 40% increase from the ₦894 billion recorded in 2024.
The Managing Director of the NPA, Dr. Abubakar Dantsoho, made this announcement during a Senate committee session for 2024 budget performance review and presentation of the 2025 proposal.
Emphasizing the strategic role of the NPA in national development, Dr. Dantsoho underscored two core functions of the authority: trade facilitation and the provision of marine and port-side services. “The multiplier effects of efficient port operations cut across all sectors. If we do well at the ports, businesses nationwide benefit,” he explained.
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He warned that inefficiencies at Nigerian ports risk diverting cargo traffic to competing West African ports like Cotonou, Lome, Tema, and Abidjan, stressing the need to remain competitive.
To remain competitive, the NPA is investing heavily in infrastructure, advanced equipment, digital technology, and human capacity. These investments, Dr. Dantsoho said, are crucial for reducing ship turnaround time, boosting cargo volumes, and ensuring Nigeria becomes the maritime hub for West Africa.
The NPA’s 2024 budget includes ₦185 billion for operational expenses and ₦232 billion for capital projects. However, Dr. Dantsoho raised concerns about systemic challenges hampering capital expenditure execution, including the 50% automatic deduction by the federal government from NPA’s revenue at source.
“This deduction, along with delayed remittances and restrictive procurement thresholds, often stalls critical infrastructure projects,” he noted.
Despite these challenges, the NPA contributed a record ₦400 billion to the federal treasury under the 2024 budget, almost double its ₦213 billion remittance in 2023. The breakdown includes ₦10 billion in cash payment, ₦46 billion from port development levy, and ₦344 billion through direct deductions.
The NPA’s 2025 revenue projection is based on key economic and operational assumptions, including stability of the naira-dollar exchange rate, full operation of the Dangote Refinery, growth in LNG and modular refinery traffic, and increased cargo throughput at upgraded terminals. The authority projects earning ₦413 billion from cargo handling, ₦544 billion from ship-related services, ₦249 billion from concessions, and ₦73 billion in miscellaneous revenue.
The Chairman of the Senate Committee on Marine Transport, Sen. Wasiu Eshinlokun, reaffirmed the National Assembly’s constitutional duty to ensure prudent use of public funds. “Our review will focus on key performance indicators, project execution, revenue performance, and service delivery,” he said. He announced that the committee would conduct oversight visits to NPA projects in Lagos to verify implementation of the 2024 budget.
Sen. Eshinlokun concluded with a commitment to continued partnership: “We are not adversaries, but partners in progress, united by a shared goal to strengthen Nigeria’s maritime industry for sustainable economic growth.”