The Nigerian Ports Authority (NPA) said it generated revenues steadily growing from N361 billion in 2022 to N501 billion in December 2023.

The managing director of the NPA, Mohammed Bello-Koko, disclosed this during a visit to the Lagos port’s access roads.

During the visit on Wednesday, he explained that President Bola Tinubu’s economic policies drove the growth.

He noted that despite global economic headwinds that characterised the year 2023, the NPA maintained momentum to surpass its sterling performance of 2022.

He commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, for his leadership towards driving change in the industry.

“The implementation of continuous performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the federation, with revenues steadily growing from N361 billion in 2022 to N501 billion as of December 2023 and remittances increasing from N93.4 billion in 2022 to N131.2 billion by year-end 2023.

“Taxes paid to the government of the federation also grew at various times in the period under review up to $77.7 million and N17.6 billion, respectively,” Mr Bello-Koko said.

The records added to strategic forecasts set to be actualised in 2024, such as the $1 billion reconstruction of the Tincan Island Port Complex and the comprehensive rehabilitation of Apapa, Rivers, Onne, Warri and Calabar Port Complexes.

“New port developments to include Badagry Deep Seaport, Snake Island, Burutu and Ondo Deep Seaports, the Port Community System (PCS) and the National Single Window, amongst other initiatives for port competitiveness, are being aggressively implemented.

‘It is evident that the Nigerian Ports Authority has been positioned not only to create but sustain superior performance necessary to maximise the comparative advantages that Nigeria’s maritime endowments confer,” he said.