.Bello Koko Projects over 500bn (Half a trillion) Revenue by Year End 2023, Going by the Current Momentum and the Recurrent Trend of Shipping Volumes Peaking from July to December.
The Nigerian Ports Authority (NPA) has generated a total revenue of N191, 430,093,501.00 (One hundred and ninety-one billion, four hundred and thirty million, ninety-three thousand and five hundred and one naira only) from its operations in the first half of 2023.
The NPA, in the same period, remitted N55,712, 565, 027.46 (Fifty-five billion, seven hundred and twelve million, five hundred and sixty-five thousand, twenty-seven naira and forty-six kobo only) to the Consolidated Revenue Fund (CRF) of the Federation.
These disclosures were contained in a half-year 2023 performance reports released by the NPA Managing Director and Chief Executive Officer, Mohammed Bello Koko.
Elucidating on the report, Bello Koko said that given the existential economic headwinds both at the micro and macro levels, these operational statistics for the first six months were reassuring, adding that they catalyzed the commendable remittances to the Consolidated Revenue Fund (CRF) of the Federal Government thus far.
According to him: “viewed within the context of current global economic upheavals which have affected trade volumes in all climes, our current growth trajectory is encouraging and gives us confidence to project a revenue growth of over 500 billion with concomitant increase in remittance to CRF by end-of-year 2023, given that shipping activities peak around the second half of the year’’
“The smart policy thrust of the new administration which is already throwing up new vistas of growth further lends credence to the feasibility of our projections and gives fillip to our organizational initiatives.”
Koko added that “the operationalization of Lekki Deep Seaport, expected restoration of the service boat management contract, digitalisation and intensified tightening of collections mechanisms buoys our confidence at meeting and indeed exceeding the revenue projections”.
The Authority has completed operations on a total number of one thousand eight hundred and fifty-one (1851) vessels for the 1st half of 2023 with a combined Gross Registered Tonnage (GRT) of fifty-seven million, eight hundred and seventy thousand and eighty-three (57,870,083). Cargo throughput for the period under review stood at 33,895,784 metric tonnes, whilst container traffic was 707,985 TEUs (Twenty-foot Equivalent Units).
A key indicator of port efficiency which is the average turn-around-time (TAT) of vessels, stood at 5.16days. “This is an improvement and we have put measures in place to surpass in the second half of 2023” says Mohammed Bello Koko.
Speaking further, Bello Koko said “we are poised to transform our projections to actualities. The remaining half of the year 2023 will be focused on finalising financing arrangements for our port rehabilitation drive, conclusion of all digitalisations geared towards improvement of efficiency and collaboration with landlocked neighbouring countries like Niger and Chad with whom we have already opened discussions to patronize our ports as hubs for transshipment cargo”.
The NPA boss concluded the report by remarking that “as a management team, we remain unwavering in our resolve to continuously improving on service excellence, blocking avenues of income leakages, curbing waste and tightening collection mechanisms in a bid to surpass stakeholders’ expectations and support the national economy”.
