BY GODWIN OBI
In a show of overwhelming confidence, both chambers of the National Assembly have rallied behind Dr. Abubakar Dantsoho’s leadership of the Nigerian Ports Authority (NPA), betting that the agency’s impressive performance could be the key to unlocking Nigeria’s economic recovery.
This newfound confidence stems from the NPA’s eye-popping revenue results in 2024, which saw a jaw-dropping 33.9% year-on-year increase by November. The sharp rise, coupled with the decisive and forward-thinking moves being made by Dantsoho and his team, have positioned the NPA as a major player in Nigeria’s economic recovery strategy.
Lawmakers are increasingly convinced that the current NPA management is not only capable of maintaining this momentum but is also poised to maximize the full potential of the agency’s diverse revenue streams to boost government coffers.
During a recent presentation to the National Assembly Joint Committee on Finance, Dantsoho revealed that NPA had generated a staggering N758.26 billion between January and November 2024. This impressive figure marked a significant leap from the previous year, outperforming its 2023 revenue by N257.3 billion. In fact, the NPA exceeded its target for the year by a remarkable 33.9%, with an expected N538.46 billion set for remittance to the Federal Revenue Account (FRA).
DR. ABUBAKAR DANTSOHO
The surge in revenue has been nothing short of extraordinary, with NPA’s income growing from N361 billion in 2022 to N501 billion in 2023, and now N758.26 billion in 2024—a clear upward trajectory. Encouraged by this, the NPA has projected a 2025 revenue of N997 billion, but lawmakers have set their sights even higher, bumping the figure to an ambitious N1.75 trillion. The adjustment reflects the lawmakers’ strong belief in the NPA’s ability to harness its 56 revenue sources and deliver far more than expected.
With Nigeria facing significant economic challenges, the National Assembly is scrutinizing key revenue-generating agencies like NPA to maximize government income. Despite the lofty revenue target, the NPA management has remained unfazed, demonstrating unwavering confidence in its capacity to deliver even greater results.
Dr. Dantsoho, undeterred by the pressure, has remained vocal about his mission to overhaul Nigeria’s port system, pushing forward with policies designed to streamline operations and attract more investment. Under his leadership, NPA has made remarkable strides in enhancing the efficiency of Nigerian ports, positioning them as the preferred destination for goods throughout West and Central Africa.
Dr. Dantsoho had thanked the Hon. Minister of Marine And Blue Economy, Adegbeyega Oyetola for his source of encouragement in addressing the needs of the nation through effective port administration.
Recall that the Hon. Minister of Marine and Blue Economy has continued to encourage the Nigerian Ports Authority (NPA) management to focus on key strategies to achieve greater revenue by leveraging the nation’s vast maritime potential. The minister had highlighted the importance of modernizing port infrastructure, improving operational efficiency, and enhancing cargo handling capacity. By embracing digital technologies, streamlining processes, and ensuring better coordination between various stakeholders, the NPA can increase throughput and reduce turnaround time for vessels.
Additionally, the minister had urged the NPA management to attract more international shipping lines, promote the Nigerian ports as a preferred gateway for transshipment in West Africa, and encourage private sector investments. The establishment of public-private partnerships (PPP) is also a key aspect of fostering innovation and boosting the port’s financial performance.
The minister emphasizes that revenue generation can be further enhanced through capacity building, fostering a competitive environment, and ensuring that the NPA remains at the forefront of global maritime trends. By implementing these measures, the NPA can make significant strides in its contribution to Nigeria’s economic growth while improving port operations.
With these bold policies and relentless drive, Dantsoho’s leadership is expected to usher in even more significant revenue gains, validating the National Assembly’s trust in NPA’s potential to help pull Nigeria out of its economic slump. The stage is set for a new era of prosperity driven by Nigeria’s ports.
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2025-01-27