By Comfort Olayinka
The Nigerian Ports Authority (NPA) has unveiled an ambitious revenue target of ₦1.279 trillion for the 2025 fiscal year, representing a 40% leap from its 2024 earnings of ₦894 billion.
This bold projection was announced by NPA Managing Director, Dr. Abubakar Dantsoho, during a presentation before the Senate Committee on Marine Transport, as part of the 2024 budget performance review and the unveiling of the 2025 proposal.
Dr. Dantsoho credited strategic reforms and strong legislative oversight for the NPA’s growing fiscal performance, which saw a record ₦400 billion remitted to the federal treasury in 2024—nearly double the ₦213 billion contributed in 2023.
Reinforcing the pivotal role of ports in national economic growth, the MD emphasized that improved efficiency in port operations ripples across the economy, benefiting businesses and trade. He, however, cautioned that continued inefficiencies could cause Nigeria to lose cargo traffic to rival ports in Cotonou, Tema, and Abidjan.
To stay competitive, the NPA is ramping up investments in infrastructure upgrades, digital technology, modern equipment, and human capital. Projects slated for 2025 include modernization at Tin Can and Apapa ports, enhanced towing services, automation, and expanded cargo handling capacity at eastern terminals.
Despite these efforts, the NPA faces hurdles such as automatic 50% revenue deductions by the federal government and cumbersome procurement regulations, which the MD said delay critical capital projects.
The 2025 revenue projection is built on several strategic assumptions, including a stable naira at ₦1,400/$1, full operations of the Dangote Refinery, rising traffic from LNG and modular refineries, and increased Chinese imports due to shifting global trade dynamics.
In response, Chairman of the Senate Committee, Sen. Wasiu Sanni Eshinlokun, reaffirmed the National Assembly’s commitment to fiscal discipline and effective project monitoring. He announced oversight visits to Lagos ports and pledged continued collaboration with the NPA to modernize port operations and boost Nigeria’s maritime competitiveness.
Nigeria’s maritime industry for sustainable economic growth.” He said.
