By Oluyinka Onigbinde
The Managing Director of the Nigerian Ports Authority (NPA), Mohammed Bello Koko, has attributed the recent transformation in Nigeria’s maritime sector and significant revenue improvements to the economic policies of President Bola Ahmed Tinubu.
These policies, which have garnered global recognition, are seen as pivotal in reshaping the industry.
During an unscheduled visit to the Lagos ports access roads, which had suffered from a decade-long traffic gridlock recently cleared by the NPA, Bello Koko commended the Minister of Marine and Blue Economy, Adegboyega Oyetola, for his effective leadership and hands-on approach in driving the industry forward.
Bello Koko highlighted that the president’s Renewed Hope Agenda has brought a much-needed order to the port access roads, promoting ease of business operations and boosting exports to improve Nigeria’s balance of trade. Despite global economic challenges in 2023, the NPA has managed to not only maintain but surpass its previous year’s performance.
He noted, “The implementation of continuous performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund (CRF) of the Federation.” The NPA’s revenue grew from N361 billion in 2022 to N501 billion by December 2023, and remittances increased from N93.4 billion in 2022 to N131.2 billion by the end of 2023.
In addition to these achievements, the taxes paid to the Government of the Federation also saw significant increases, reaching $77.7 million and N17.6 billion respectively during the reviewed period.
Koko, who has been appointed by the President to the implementation committee of the National Single Window Project, emphasized that the NPA’s strategic forecasts for 2024 are ambitious yet achievable.
These forecasts include a $1 billion reconstruction of the Tincan Island Port Complex and comprehensive rehabilitation of the Apapa, Rivers, Onne, Warri, and Calabar Port Complexes.
Additionally, new port developments such as the Badagry Deep Seaport, Snake Island, Burutu, and Ondo Deep Seaports are in the pipeline. The implementation of the Port Community System (PCS) and the National Single Window are also expected to enhance port competitiveness.
Koko stated that he is optimistic about the future, asserting that these initiatives will position the Nigerian Ports Authority to sustain superior performance and leverage Nigeria’s maritime advantages.
He said the ongoing efforts aim to maximize the potential of the maritime sector, driving economic growth and positioning Nigeria as a leading maritime hub.
He expressed that the transformation of the maritime sector under President Tinubu’s policies and leadership represents a significant step towards achieving economic stability and growth in Nigeria. He added that with continuous improvements and strategic developments, the NPA is set to maintain its momentum and contribute significantly to the nation’s economic prosperity.
