Fresh off a strong performance that saw it generate N1.97 trillion in 2025, the Nigerian Ports Authority has set its sights on a N1.489 trillion revenue target for 2026, signalling cautious optimism as it leans on planned port modernisation to sustain growth.
The 2026 projection represents a slight increase on the N1.468 trillion benchmark for 2025, a target the authority surpassed by a wide margin, underscoring improved efficiency in revenue collection and operations.
Speaking during the agency’s budget defence in Abuja, NPA Managing Director Dr Abubakar Dantsoho said the new revenue outlook is anchored on strategic investments and reforms designed to strengthen the country’s maritime capacity. He disclosed that of the proposed N1.489 trillion, N945 billion has been earmarked for capital projects, N447.5 billion for operating expenses, and N90.6 billion for remittance into the Consolidated Revenue Fund.
Dantsoho said the budget was framed around the theme, “Consolidation, renewed resilience and shared prosperity,” with the modernisation of Apapa and Tin Can Island ports forming the centrepiece of efforts to drive future revenue growth. The upgrade of the two major ports is being championed by the Minister of Marine and Blue Economy, Dr Adegboyega Oyetola, as part of a broader push to reposition Nigeria’s maritime sector.
Highlighting the urgency of the intervention, Dantsoho said, “Apapa and Tin Can Island ports are very old and small for the required global competitors in the ports business. Apapa Port is about 100 years old, while Tin Can is over 50 years old, with inadequate capacities in size and vessel containment for modernised operations. Groundbreaking of projects on the modernisation will commence in two or three weeks.”
The planned overhaul is expected to enhance efficiency, improve vessel turnaround times and enable the ports to handle larger volumes of trade in an increasingly competitive regional environment.
On financial governance, the NPA boss reiterated the authority’s compliance with the Treasury Single Account policy, stating, “We do not retain any funds. The Central Bank is the signatory, and we must apply for funds whenever needed.”
Lawmakers reviewing the proposal also signalled their support for the agency’s plans. Chairman of the Senate Committee on Marine Transport, Senator Wasiu Eshinlokun, said the panel would continue to work collaboratively with the authority, noting, “Our goal is to work with you to strengthen institutional capacity, eliminate inefficiencies and ensure that every naira appropriated serves the public interest.”