NPA Forecasts Revenue Of N629 Billion For 2024

Mohammed Bello-Koko, the Managing Director of the Nigerian Ports Authority (NPA), stated that the organization expected to bring in N629.89 billion in revenue by 2024.

He applied for a N200 billion loan from the African Export-Import Bank at the same time.

Bello-Koko made this statement on Thursday, March 21, while defending the 2024 budget in front of the House of Representatives Committee on Port and Harbour in Abuja.

He stated that the entire anticipated expenditure for the budget was N464.32 billion while discussing the breakdown of the spending. This included a N212.03 billion estimate for operating expenses and a N252.29 billion estimate for capital expenses.

Bello-Koko pointed out that one of the financial organizations designated for loan acquisition was the United Kingdom Export Finance, or UKEF.

“Part of the main thrust of the 2024 budget is the urgent need to rehabilitate, reconstruct, and moderate the dilapidated port infrastructure facilities,” said the head of the NPA.

He underlined how important it is to repair the breakwaters at Escravos since it will improve port operations and increase cargo volume. The African Export-Import Bank and UKEF are two lenders that this endeavor is looking to provide investment capital for.

He underlined how important it is to repair the breakwaters at Escravos since it will improve port operations and increase cargo volume. The African Export-Import Bank and UKEF are two lenders that this endeavor is looking to provide investment capital for.

The committee's chairman, Nnolin Nnaji, emphasized the agency's critical role in the country. He emphasized the committee's duty to examine institutions outside of Lagos state as a result.

He stated, “We need to see those things you are telling us. The House of Representatives is very serious about budget defence, while they do screening on the other side, budget defence is here.

“We accept this budget, and we will move further with it.”

The legislator expressed alarm over debris filling the drainage channels and emphasized the dearth of knowledge on debris clearance.

Nnaji made the observation that the issue will remain because of the abandoned ships as long as the NPA keeps ignoring the debris.

NPA said in November 2023 that by the first quarter of 2024, it will start a plan for the rehabilitation of all Nigerian ports.

According to Bello-Koko, nearly all of Nigeria's ports require restoration, and the NPA is launching a massive $1.1 billion renovation that will begin with the Tincan Island and Apapa Ports in Lagos.

The NPA boss said, “The objective of the authority is to enhance the physical infrastructure of these ports to accommodate vessels of all sizes and increase the draft at the quayside.

“Increasing the draft is intended to achieve draft depths of up to 14 meters and this initiative will render Nigerian ports more competitive on a global scale.”