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NPA’s Impressive Revenue Growth Revitalizes Hope for Nigeria’s Economic Recovery
By prince Benson Davies
In a major boost to Nigeria’s economic prospects, the Nigerian Ports Authority (NPA) has announced a 33.9% increase in revenue, exceeding expectations and reinforcing the National Assembly’s faith in Dr. Abubakar Dantsoho’s leadership. As the country navigates its economic challenges, the NPA’s impressive revenue growth offers a beacon of hope for a brighter economic future.
The Managing Director Nigeria Ports Authority, Dr. Abubakar Dantsoho, stating the agency’s revenue performance to the National Assembly Joint Committee on Finance, recently told the committee that the agency generated N758.26 billion between January and November 2024, showing a rise of 33.9 percent when compared to the figure it generated the previous year, 2023.
For 2024, the agency was expected to remit N538.46 billion to the Federal Revenue Account (FRA), topping the list of government agencies expected to remit various sums of money to the government. But the agency exceeded this revenue target by 33.9 percent.
The amount it generated in 11 months in 2024 surpassed its revenue profile in 2023 by N257.3 billion.
The NPA’s revenue profile has grown steadily from N361 billion in 2022 to N501 billion in December 2023 and N758.26 billion in 2024.
Arising from this, the agency projected N997 billion in revenue for 2025, but the lawmakers jerked up the figure to N1.75 trillion.
The Joint Committee, chaired by Senator Sani Musa and Hon. James Faleke, explained that the adjustment reflects the committee’s confidence in the Authority’s capacity to harness its 56 revenue streams more effectively.
The national assembly has been scrutinizing Nigeria’s key revenue-generating agencies in a bid to maximize government income amidst the prevailing economic hardship.
The NPA management, it appears , is not losing sleep by the high revenue target set for the agency for the year.
Remarkably, the Nigerian Ports Authority managing director, Dr. Abubakar Dantsoho, has severally reiterated his commitment to reposition NPA and Nigerian seaports for greater efficiency in line with the renewed hope agenda of President Bola Ahmed Tinubu.
The Managing Director of the agency, NPA,has delivered notable economic results on the Nigeria’s port industry while pursuing policy actions and schemes that are aimed at improving overall efficiency of Nigerian ports, and making them the preferred ports of call for goods destined for the West and Central African sub region.
The Ministry of Marine and Blue Economy, led by Hon. Adegboyega Oyetola, has been commended for its effective supervision, particularly with the introduction of a performance index. This strategic move has ensured that agencies under its purview are held accountable, driving them to deliver exceptional results, as evident in the impressive performance of the Nigerian Ports Authority (NPA)
