The Nigerian Ports Authority has set a revenue target of N1.489 trillion for the 2026 fiscal year, representing a modest increase of N21 billion over its 2025 target. This projection is based on improved operational efficiency and ongoing reforms, which have enabled the authority to outperform its 2025 target by N503 billion.
The breakdown of the 2026 budget shows that N945 billion is allocated for capital expenditure, N447.5 billion for operating costs, and N90.6 billion for remittance into the Consolidated Revenue Fund. The budget is anchored on the policy thrust of "consolidation, renewed resilience, and shared prosperity," with a focus on infrastructure upgrades to boost competitiveness.
The planned modernisation of Apapa and Tin Can Island ports is central to this strategy. Both facilities are ageing and capacity-constrained, with Apapa Port being over 100 years old and Tin Can Island Port being over 50 years old. The upgrades aim to enhance vessel handling capacity and position Nigeria more competitively in global maritime trade.
All NPA earnings are remitted directly into the Treasury Single Account, and the authority does not retain operational funds. It must apply for releases when needed, a practice that has been in place to ensure transparency and accountability.
The NPA's revenue target for 2026 is a testament to the authority's ability to adapt and improve its operational efficiency. However, the planned modernisation of Apapa and Tin Can Island ports raises questions about the long-term sustainability of Nigeria's maritime trade. With both facilities being over a century old, the need for upgrades is evident, but the cost and implementation timeline remain unclear. The NPA must ensure that the modernisation process is transparent and efficient, with clear timelines and budget allocations. Nigerians expect nothing but the best from their public institutions, and the NPA must deliver on its promises to boost competitiveness and drive economic growth.
