The Nigerian Ports Authority (NPA) has set an ambitious revenue target of ₦1.279 trillion for the 2025 fiscal year a 40 percent increase from the ₦894 billion generated in 2024.
Managing Director of the NPA, Dr. Abubakar Dantsoho, disclosed this during the agency’s 2024 budget performance review and presentation of its 2025 proposal before the Senate Committee on Marine Transport.
Dr. Dantsoho expressed appreciation to the Senate Committee for its continued guidance and support, acknowledging the National Assembly’s vital role in promoting fiscal discipline and transparency across government institutions. He noted that the committee’s oversight had helped the NPA consistently deliver detailed and strategic annual financial plans.
He emphasized the significance of port operations in national development, describing the ports as critical drivers of trade facilitation and economic growth. According to him, efficient port operations have multiplier effects across all sectors of the economy, while inefficiencies risk diverting cargo traffic to competing West African ports such as Cotonou, Lome, Tema, and Abidjan.
To enhance competitiveness, he said, the NPA is investing in infrastructure upgrades, modern equipment, digital technology, and capacity development. These investments are aimed at reducing ship turnaround time, increasing cargo volume, and positioning Nigeria as the maritime hub of West Africa.
Presenting the 2024 budget performance, Dr. Dantsoho disclosed that ₦185 billion was allocated to operational expenses and ₦232 billion to capital projects, with the latter expected to increase due to ongoing procurement processes. He, however, highlighted major challenges hindering full budget implementation. Among these were the 50 percent automatic deduction of NPA’s revenue at source by the federal government, delays in remittances, and low procurement thresholds, all of which often stall critical projects.
Despite these constraints, the NPA remitted a record ₦400 billion to the federal treasury under the 2024 budget. This figure included ₦10 billion in direct cash payments, ₦46 billion from the port development levy, and ₦344 billion through direct deductions, marking a substantial increase from the ₦213 billion remitted in 2023.
The 2025 revenue projection, according to Dr. Dantsoho, is based on several strategic and economic assumptions. These include the expected stability of the naira at ₦1,400 to $1, full operations of the Dangote Refinery by late 2025, an increase in LNG and modular refinery traffic, rising imports from China due to global geopolitical trends, increased cargo throughput in upgraded eastern ports, and the commencement of modernization work at the Tin Can and Apapa ports.
The authority expect to generate ₦544 billion from ship-related services, ₦413 billion from cargo handling, ₦249 billion from concessions, and ₦73 billion from miscellaneous sources. On the expenditure side, the agency is proposing a total of ₦1.1 trillion, comprising ₦778 billion for capital projects and ₦364 billion for operational costs. Strategic priorities for 2025 include port automation, enhanced towing services, channel dredging, and compliance with international maritime standards.
In his welcome address, Chairman of the Senate Committee on Marine Transport, Senator Wasiu Sanni Eshinlokun, reiterated the National Assembly’s commitment to ensuring accountability and prudent use of public funds. He stated that the committee’s review would focus on project execution, revenue performance, and service delivery, adding that oversight visits would soon be conducted at NPA projects in Lagos to verify implementation progress.
Senator Eshinlokun further encouraged the NPA to align its 2025 proposal with clear strategies for boosting revenue, modernizing port infrastructure, and improving security. He reaffirmed the committee’s readiness to collaborate with the NPA, described the relationship as a partnership aimed at strengthening Nigeria’s maritime industry and promoting sustainable economic growth.
