NPA To Overhaul Lagos Ports, Targets N1.489tr Revenue In 2026

NPA to Overhaul Lagos Ports, Targets N1.489tr Revenue in 2026

The Nigerian Ports Authority (NPA) has set an ambitious internally generated revenue target of N1.489 trillion for the 2026 fiscal year as part of a broader strategy to modernise Nigeria’s busiest seaports and boost global competitiveness. Unveiling the figures during the agency’s 2026 budget defence before the Senate Committee on Marine Transport in Abuja, NPA Managing Director Dr. Abubakar Dantsoho said the proposed target surpasses the N1.468 trillion target set for 2025 a benchmark the authority not only met but exceeded, generating N1.97 trillion in actual revenue last year. At the heart of the revenue drive is a major overhaul of the Lagos Port Complex in Apapa and Tin Can Island Port, two of Nigeria’s most strategic maritime gateways handling the bulk of the nation’s import and export traffic. Dantsoho noted that both ports the Apapa Port, approaching a century in operation, and the Tin Can Island Port, over 50 years old require substantial infrastructure upgrades to meet modern cargo‑handling demands and global standards. “Groundbreaking for their modernisation will commence in the next two to three weeks,” Dantsoho announced, signalling the imminent start of what could be one of the most significant maritime infrastructure projects in the country’s history.

The proposed N1.489 trillion revenue is part of a budget anchored on the theme “Consolidation, Renewed Resilience and Shared Prosperity.” A detailed breakdown shows that N945 billion is earmarked for capital projects largely tied to port modernisation N447.5 billion for operational costs, and N90.6 billion for remittance into the Consolidated Revenue Fund. Beyond the revenue figures, Dantsoho addressed the NPA’s financial arrangements, emphasising that all revenue generated by the authority is paid directly into the Treasury Single Account (TSA) managed by the Central Bank of Nigeria (CBN). “We do not retain any funds. The Central Bank is the signatory, and we must apply for funds whenever needed,” he said, reinforcing compliance with federal financial regulations. The planned overhaul aligns with ongoing national and international efforts to reduce cargo congestion, enhance port capacity, and improve efficiency a move observers say is critical to strengthening Nigeria’s position as a regional maritime hub and curbing the diversion of cargo to neighbouring ports due to operational bottlenecks. As the NPA pivots towards modernising its core infrastructure this year, stakeholders are watching closely to assess how the revamped Apapa and Tin Can Island ports will impact trade flows, reduce logistics costs, and contribute to broader economic growth.