The Nigeria Railway Corporation has stated that its revenue increased by 84.91 per cent in 2024 compared to the first quarter of 2023.
This was disclosed in the National Bureau of Statistics report for first quarter 2024.
The corporation earned N1.42 billion in the the first quarter of 2024,
contrary to the first three months of 2023, when the firm earned a total of N768.44 million.
In addition, the corporation’s revenue from freight transportation increased significantly.
It reported also stated during the same year, the corporation collected N607.32 million from products and cargo transported by rail, compared to N181.27 million in 2023.
“In terms of revenue generation, N1.42 billion was received from passengers during the reference period, showing an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year.
“Similarly, N607.32 million was collected from goods/ cargo conveyed via rail in Q1 2024, up by 235.03% from N181.27 million received in Q1 2023. In addition, revenue generated from the movement of goods/cargo via pipeline stood at N59.14 million in Q1 2024. Other receipts amounted to N25.40 million, indicating a decline of 25.65% in Q1 2024 from the N34.17 million received in Q1 2023.”
The report also showed that more people traveled by rail this year, with 675,293 passengers compared to 441,725 registered in the equivalent quarter of 2023, showing a 52.88 percent increase rate.
“The volume of goods/cargo transported via rail in Q1 2024 stood at 160,650 tons compared to 59,966 tons recorded in Q1 2023. In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 8,000 tons.”
