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Tuesday, April 23, 2024

Nigerian Ports Authority reports record revenue growth, surpassing N501 billion in 2023

Mohammed Bello-Koko Attributes Success to Performance Improvement Measures and Enhanced Trade Facilitation

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The Nigerian Ports Authority (NPA) announced a remarkable surge in its annual revenue, reaching an impressive N501 billion in 2023, as compared to N361 billion the preceding year. In a statement released on Thursday, Managing Director Mohammed Bello-Koko credited this substantial growth to the effective implementation of performance enhancement strategies.

This surge marks a significant progression for the NPA, which witnessed a steady rise in revenue from N317 billion in 2020 to N361 billion in 2022, despite increased remittances to the Consolidated Revenue Account, escalating from N80 billion to N91 billion within the past year.

Highlighting the achievement, the NPA emphasized its ability to transcend its previous performance milestones, establishing itself as Nigeria’s premier trade facilitator platform.

According to the statement, “The implementation of performance improvement measures resulted in unprecedented revenue generation and remittances to the Consolidated Revenue Fund of the Federation, with revenues steadily growing from N361 billion in 2022 to N501 billion as of December 2023.”

The NPA further revealed a substantial increase in remittances from N93.4 billion in 2022 to N131.2 billion in 2023. Additionally, taxes paid to the federal government experienced incremental growth during the review period, amounting to “the sum of $77.7 million and N17.6 billion respectively.”

The disclosure underscores the NPA’s commitment to fiscal responsibility and its pivotal role in bolstering Nigeria’s economic landscape through enhanced revenue generation and streamlined trade facilitation processes.

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