The Nigerian Ports Authority (NPA) has announced a $1 billion reconstruction plan for the Tincan Island Port Complex and the comprehensive rehabilitation of the Apapa, Rivers, Onne, Warri and Calabar Port complexes.
The authority has also earmarked for similar reconstruction, under the new ports development plan, the Badagry Deep Seaport, Snake Island, Burutu and Ondo Deep Seaports.
The management of NPA disclosed this in a recent document entitled:” Consolidation of Superior Performance at the Nigerian Ports Authority 2023-A Synopsis of the Authority’s Performance Improvement 2022-2023.
Other initiatives on the card towards enhancing port competitiveness are the emplacements of the Port Community System (PCS) and the National Single Window.
The NPA management said it was poised to transform the Authority’s strategic intent of being the maritime logistics hub for sustainable port services in Africa from potential to actualities.
NPA said that despite global economic headwinds that characterized the year 2023, the Managing Director, Mohammed Bello Koko, succeeded in leapfrogging Nigeria’s foremost trade facilitation platform to surpass its sterling performance of the year 2022.
It said that implementing performance improvement measures resulted in unprecedented revenue generation and remittances to the Federation Consolidated Revenue Fund (CRF), with revenues steadily growing from N361 billion in 2022 to N501 billion as of December 2023.
According to management, remittances will increase from N93.4 billion in 2022 to N131.2 billion by 2023.
The document also captured taxes paid to the Government of the Federation, which grew at various times in the period under review, totalling $77.7 million and N17.6 billion, respectively.
The NPA disclosed that it contributed to the deepening of Nigeria’s trade balance by promoting exports, especially non-oiI exports, in response to the national necessity of strengthening the Naira.
