The Nigerian Railway Corporation has announced a 53.14% increase to N1.69bn in revenue from passenger transport for the second quarter of 2024.
According to the latest figures from the NBS, the total revenue generated from passenger transport during this period reached N1.69 billion, an increase from N1.10 billion in the same quarter of 2023.
According to the NBS report, “In terms of revenue generation, N1.69 billion was received from passengers during the reference period, showing an increase of 53.14% from the N1.10 billion recorded in the same quarter of the previous year.”
In addition to passenger transport, the NRC reported a significant increase in revenue from goods and cargo transport.
Earnings from the movement of goods via rail surged by 206.68%, climbing from N175.22 million in Q2 2023 to N537.36 million in Q2 2024.
This sharp increase in revenue reflects the growing reliance on rail infrastructure for cargo transportation, a sector that continues to grow as businesses and industries seek more efficient methods of moving goods across the country.
Meanwhile, revenue from pipeline transportation saw a substantial increase, rising to N42.08 million in Q2 2024, up from N12.81 million during the same period last year.”
The significant revenue growth is closely tied to the increased usage of the railway system by both passengers and cargo shippers.
The number of passengers transported via rail rose by 45.38% in Q2 2024, reaching 689,263, compared to 474,117 in Q2 2023.
On the cargo side, the volume of goods transported surged to 143,759 tons, a substantial increase from 56,936 tons in the same quarter last year.
“According to the NBS report, “In Q2 2024, a total of 689,263 passengers travelled via rail system relative to 474,117 reported in the corresponding quarter of 2023, indicating a growth rate of 45.38%.
“The volume of goods/cargo transported via rail in Q2 2024 stood at 143,759 tons compared to 56,936 tons recorded in Q2 2023.
In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 5,940 tons, higher than 2,856 tons in Q2 2023.”
The NRC also reported a remarkable increase in other income receipts, which surged by over 5,000%, rising from N18.74 million in Q2 2023 to N994.68 million in Q2 2024.
