The Nigerian Ports Authority (NPA) is projecting a revenue of N1.28 trillion for 2025, up from the N894.86 billion it earned in 2024.

The agency stated that the projected N1.28 trillion revenue for 2025 is expected to be generated from ship dues amounting to N544.06 billion, cargo dues estimated at N413.06 billion, concession fees projected at N249.69 billion, and administrative revenue of N73.07 billion.

Managing Director of the NPA, Abubakar Dantsoho, disclosed this during a budget defence session with the House of Representatives Committee on Ports and Harbours on Monday, where he defended the agency’s 2025 budget estimates and provided insights into its 2024 performance.

He said the ambitious target is anchored on sweeping modernisation efforts, the full activation of the Dangote Refinery’s marine operations, and the deployment of cutting-edge technology to enhance port efficiency.

He noted that the agency’s 2025 budget proposal exceeds the figures, as it reflects the NPA’s aspirations for a more efficient and globally competitive port system.

Dantsoho told lawmakers that over 70 per cent of the proposed expenditure will go into capital projects.

For 2024, he stated that the agency surpassed its revenue target of N865.39 billion, achieving an actual realisation of N894.86 billion.

The NPA boss, however, revealed that only N417.86 billion, less than half of the approved N850.92 billion expenditure, had been spent as of the time of reporting.

Despite this, he said the NPA made a record contribution of N400.8 billion to the Consolidated Revenue Fund (CRF) in 2024, nearly doubling the N213.23 billion remitted in 2023.

Of this amount, he noted that a staggering N344.7 billion was deducted at source.

Dantsoho said the projected revenue increase is premised on several key assumptions and developments, including: The full operation of the Dangote Refinery, which alone is expected to draw in over 600 vessels annually through its Single Point Mooring (SPM) system; the commissioning of upgraded terminals at WACT and OMT, which will enhance container traffic; the implementation of automation tools such as the National Single Window, Port Community System (PCS), and Vessel Traffic Management System (VTMS); and increased cargo volumes stemming from global disruptions, including the Russia-Ukraine conflict, which has affected global trade routes.

Of the proposed N1.14 trillion total expenditure for 2025, the NPA boss disclosed that N778.46 billion is earmarked for capital projects.

This investment, he said, will target the revitalisation of critical infrastructure, including the Calabar, Warri, and Burutu ports and channels, and enhance towage services, channel depth, and compliance with international security conventions.

“Investments in infrastructure and technology are non-negotiable if we are to stay competitive regionally and globally. We can say that with timely access to internally generated revenue and capital funds, NPA would deliver the kind of impact Nigeria expects,” he added.

The Chairman of the Committee, Hon. Nnolim Nnaji, urged the NPA to ramp up its performance, improve port infrastructure, and play a greater role in addressing Nigeria’s revenue and unemployment challenges.

Nnaji said the ports remain a critical pillar of Nigeria’s economy, and urged the agency to meet rising expectations despite operational challenges.

“No country can thrive economically without high-performing ports. They are the economic heartbeat of every nation, determining how buoyant a country is through the flow of imports and exports,” Hon Nnaji said.

The committee praised NPA for its performance.

Nnaji emphasised that the NPA’s performance has implications that extend beyond maritime activity, noting that increased port output can significantly boost job creation across various sectors.