The Rail Transportation Data report published by the Nigerian Bureau of Statistics has revealed that the number of passengers using rail transportation in Nigeria decreased significantly in the first quarter of 2023 by 53.65%, falling from 953,099 in Q4 2022 to 441,725 in the most recent quarter.
The data also showed a significant drop in passenger revenue of 63.02% over the same time period. However, revenue from products and cargo saw a significant growth of 99.28%.
According to the report: “The data on rail transport for the first quarter of 2023 revealed that 441,725 passengers traveled by rail overall, which is down from the 953,099 passengers reported in the same quarter of 2022 and represents a growth rate of -53.65%.
Additionally, 59,966 tonnes of products were transported in the first quarter of 2023 versus the 39,379 tonnes reported in the first quarter of 2022.
Although the rise in passenger revenue was similarly 63% lower than in the prior periods, they reported that the growth in goods/cargo revenue was 99.28% higher:
“Passengers contributed N768.44 million to generate revenue for the period, down 63.02% from N2.08 billion in the same quarter of the previous year.
“Similarly, N181.27 million, up 99.28% from N90.96 million in Q1 2022, was received as revenue from goods and cargo in Q1 2023. Other receipts totaled N34.17 million, which is a 41.02% decrease from the N57.92 million collected in Q1 2022 and a reduction from Q1 2023.”
Due to the redesign of the naira, which hampered economic activity during the first quarter of the year, Nigerians had to deal with a shortage of currency.
Additionally, the Company Income Tax decreased by as much as 37.79% from N753.88 billion in Q4 2022 to N469.01 billion in Q1 2023.
The number of passengers increased by 30.10% to 1.34 million in Q4 2022, while revenue from passengers decreased by 39.54% to N1.15 billion, from N1.91 billion in Q4 2021.
In Q4 2022, goods-related revenue totaled N157.23 million, a 63.56% increase over the N96.13 million reported in Q4 2022.
