The Nigerian Ports Authority (NPA) is setting its sights high for 2025, projecting a revenue target of ₦1.279 trillion — a 40% increase from the ₦894 billion recorded in 2024.
This announcement was made by the Managing Director of the NPA, Dr. Abubakar Dantsoho, during a Senate Committee on Marine Transport session reviewing the 2024 budget performance and the 2025 proposal on Monday at the National Assembly Complex.
Dr. Dantsoho praised the Senate committee for its continued oversight, emphasizing the importance of transparency and collaboration in executing national economic goals. “Your unwavering support has made it possible for us to consistently deliver well-articulated annual financial plans,” he said.
Reaffirming NPA’s strategic importance, Dantsoho highlighted two key pillars of the agency’s mandate: facilitating trade and delivering critical marine and port-side services.
He warned that inefficiencies in Nigeria’s ports could result in cargo traffic being diverted to competing West African nations such as Benin, Ghana, and Côte d’Ivoire.
To remain competitive, the NPA is prioritizing large-scale investments in port infrastructure, digital transformation, modern equipment, and workforce training. These efforts aim to enhance ship turnaround time, grow cargo volumes, and position Nigeria as West Africa’s maritime hub.
For the 2024 fiscal year, the NPA allocated ₦185 billion for operations and ₦232 billion for capital projects—though the latter is expected to increase as procurement progresses. Dr. Dantsoho, however, raised concerns about key obstacles, particularly the federal government’s 50% automatic revenue deduction at source, which he said severely hampers capital project execution.
“These deductions, combined with delayed remittances and restrictive procurement ceilings, often delay or stall infrastructure upgrades,” he explained.
Despite these challenges, the NPA contributed a record ₦400 billion to the federal treasury in 2024—nearly double its ₦213 billion remittance from the previous year. This included ₦10 billion in direct cash, ₦46 billion from port development levies, and ₦344 billion through automatic deductions.
Looking ahead, the NPA’s 2025 revenue forecast is built on several macroeconomic and operational assumptions, including:
Exchange rate stability at ₦1,400 to $1
Full operational capacity at Dangote Refinery by late 2025
Expansion in LNG and modular refinery traffic
Increased imports from China amid shifting geopolitical dynamics
Higher cargo throughput in eastern ports
Major modernization works at Tin Can and Apapa ports
The NPA expects to generate ₦413 billion from cargo handling, ₦544 billion from ship services, ₦249 billion from concessions, and ₦73 billion in miscellaneous revenue.
On the spending side, ₦1.1 trillion has been proposed — ₦778 billion for capital projects and ₦364 billion for operations.
Meanwhile, the Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, reiterated the National Assembly’s duty to ensure prudent public spending. “Our review will focus on key performance indicators, project execution, revenue performance, and service delivery,” he said.
He announced upcoming oversight visits to NPA projects in Lagos to verify 2024 budget implementation and urged the agency to present clear plans for enhancing revenue, modernizing operations, and improving port security.
“We are not adversaries, but partners in progress, united by a shared goal to strengthen Nigeria’s maritime industry for sustainable economic growth,” Eshinlokun concluded.