The Nigerian Ports Authority (NPA) has unveiled a bold revenue projection of ₦1.28 trillion for the 2025 fiscal year, marking a substantial increase from the ₦894.86 billion generated in 2024. The announcement was made by NPA Managing Director, Abubakar Dantsoho, during the agency’s 2025 budget defence session before the House of Representatives Committee on Ports and Harbours in Abuja on Monday.
The ambitious revenue target is anchored on strategic reforms aimed at modernizing port infrastructure, embracing digital technology, and leveraging expanded maritime activity, especially with the full-scale operation of the Dangote Refinery expected in 2025.
“Our 2025 estimates go beyond mere numbers—they reflect our vision for a more productive and competitive port ecosystem,” said Dantsoho.
In 2024, the NPA exceeded its revenue forecast of ₦865.39 billion, closing the year with an actual income of ₦894.86 billion. However, only ₦417.86 billion of the ₦850.92 billion expenditure plan was utilized. Despite the budget underutilization, the NPA remitted a significant ₦400.8 billion to the Consolidated Revenue Fund (CRF), nearly double its ₦213.23 billion contribution in 2023. Notably, ₦344.7 billion of the 2024 remittance was deducted directly at source.
The NPA boss attributed the projected revenue growth to several transformational initiatives, including:
The anticipated full activation of Dangote Refinery’s Single Point Mooring system, which is expected to handle over 600 vessels annually.
Operationalization of upgraded terminals such as the West Africa Container Terminal and the Onne Multipurpose Terminal.
The implementation of advanced digital systems like the Port Community System, National Single Window, and Vessel Traffic Management System (VTMS).
A projected increase in cargo volumes stemming from global trade disruptions related to the ongoing Russia-Ukraine conflict.
A breakdown of the ₦1.28tn revenue target reveals expected income from:
₦544.06 billion – Ship dues
₦413.06 billion – Cargo dues
₦249.69 billion – Concession fees
₦73.07 billion – Administrative revenue
Out of the ₦1.14 trillion proposed expenditure for 2025, ₦778.46 billion has been allocated to capital development, reflecting the agency’s commitment to modernising port operations.
Dantsoho stressed that staying competitive on both regional and global fronts requires massive investment in infrastructure and technology. He acknowledged growing competition from better-equipped ports in neighbouring countries and called for accelerated digital transformation, including cybersecurity upgrades to align Nigerian ports with international standards.
“With timely access to internally generated funds, the NPA is poised to deliver tangible results that meet national expectations,” he added.
Chairman of the House Committee on Ports and Harbours, Hon. Nnolim Nnaji, lauded the NPA’s performance, urging the agency to scale up its efforts, particularly in rehabilitating aging ports across Nigeria.
“Ports are the lifeline of a country’s economy, influencing trade flows, job creation, and resilience. While we develop new ports, we must also modernize the older ones in both the Eastern and Western corridors to remain globally relevant,” Nnaji emphasized.
With the convergence of refinery-led cargo expansion, digitization, and port terminal upgrades, the NPA’s ₦1.28tn revenue target for 2025 signals a renewed push toward positioning Nigeria as a maritime hub for West Africa. If successful, it could significantly boost foreign direct investment, enhance supply chain efficiency, and improve federal revenue generation in the non-oil sector.