The immediate past Managing Director of the Nigerian Ports Authority (NPA), Mr. Mohammed Bello Koko, announced yesterday that the agency generated an impressive N541 billion in revenue during the first half of 2024. Additionally, the NPA remitted N255 billion to the Consolidated Revenue Fund (CRF) within the same period.
Koko highlighted that this performance surpasses the NPA’s year-on-year revenue generation and remittances in any previous year. Over his tenure, the NPA’s cumulative revenue from 2022 to mid-2024 reached N1.423 trillion.
Koko attributed these achievements to sustainable reforms and significant improvements in the turn-around times for vessels and trucks at Apapa and TinCan ports. He also pointed out that staff salaries were increased during his tenure, urging employees to support and commit to the incoming management.
In his valedictory remarks at the handover ceremony to the new Managing Director, Dr. Abubakar Dantsoho, at the NPA headquarters in Lagos, Koko expressed fulfillment in leaving the NPA better than he found it. He said, “We recorded unprecedented growth in revenue generation and remittances. Our revenue jumped from N381 billion in 2022 and N501 billion in 2023 to N541 billion in the first half of 2024. Remittances to the CRF also increased from N93.4 billion in 2022 to N206 billion in 2023, reaching N255 billion in the first half of 2024.”
Among Koko’s accomplishments were operationalizing the Lekki Deep Seaport, promoting non-oil exports by establishing ten Export Processing Terminals (EPTs), and implementing significant port infrastructure upgrades. These initiatives led to a reduction in vessel turn-around times from an average of 6.5 days to 5 days and truck turn-around times from 10 days to a few hours.
Koko also listed several completed projects, including a new staff clinic at the Lagos Port Complex, an inter-agency building at TinCan Island Port, and various administrative buildings and security enhancements across different ports. “We have achieved a lot and have made the Authority far better than we met it,” he said.
In his inaugural address, the new Managing Director, Dr. Abubakar Dantsoho, unveiled plans for continued port rehabilitation and modernization, with a focus on total automation of NPA processes. He emphasized the importance of enhancing staff welfare and maintaining the momentum of digital transformation within the Authority.
“We will drive port rehabilitation and modernization, focusing on logistics, cargo handling, and efficient cargo evacuation. We aim to develop deep-sea ports to unlock the full potential of the Nigerian economy, promote transparency, accountability, and ease of doing business in our ports,” Dantsoho stated.
He concluded by assuring enhanced collaboration between sister agencies and robust stakeholder engagement to further the NPA’s mission.