The Nigerian Ports Authority (NPA) is projecting a revenue of ₦1.28: trillion in 2025, representing a 40 percent increase from the ₦894.86 billion it realized in 2024.
Managing Director of the NPA, Abubakar Dantsoho, disclosed this during a budget defence session wih the House of Representatives Committee on Ports and Harbours, where he defended the agency’s 2025 budget estimates and provided insight into its 2024 performance.
This target, the Authority says, is anchored on sweeping modernization efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency.
“Our 2025 budget proposal is more than figures, it reflects our aspirations for a more efficient, globally competitive port system,” Dantsoho told lawmakers, adding that over 70% of the proposed expenditure will go into capital projects.
For 2024, the Authority surpassed its revenue target of ₦865.39 billion, posting an actual realization of ₦894.86 billion.
However, Dantsoho revealed that only ₦417.86 billion, less than half of the approved ₦850.92 billion expenditure, had been spent as of the time of reporting.
Despite this, NPA made a record contribution of ₦400.8 billion to the Consolidated Revenue Fund (CRF) in 2024, nearly double the ₦213.23 billion remitted in 2023. Of this amount, a staggering ₦344.7 billion was deducted at source.
“This shows our unwavering commitment to national revenue generation, even when our own operational liquidity is affected,” the NPA boss stressed.
Chairman of the Committee, Nnolim Nnaji, urged the NPA to ramp up performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.
Nnaji said the ports remain a critical pillar of Nigeria’s economy, and urged the agency to meet rising expectations despite operational challenges.
“No country can thrive economically without high-performing ports. They are the economic heartbeat of every nation, determining how buoyant a country is through the flow of imports and exports,” Nnaji said.
Praising Authority for its performance,
Nnaji stressed that the NPA’s performance has implications beyond maritime activity, noting that increased port output can significantly boost job creation across several sectors.
“The Nigerian Ports Authority is not just a revenue-generating agency, it is a national asset in terms of employment and economic impact.
“We expect to see detailed strategies on how to improve revenue generation and expand employment opportunities through your 2025 budget,” he said.
The lawmaker also pointed to growing interest in the development of new ports across the country but cautioned against neglecting existing port infrastructure.
“As we welcome investment in new ports, we must not abandon the old ones. Maintaining and upgrading our existing ports, both in the Eastern Corridor and the Western axis, is essential to long-term sustainability,” he added.
The Committee called for a clear outline from the NPA on how its 2025 financial plan will address pressing national concerns and reaffirm Nigeria’s competitiveness in regional and global maritime trade.
