The Nigerian Railway Corporation (NRC) has recorded a substantial increase in revenue from passenger transportation in the second quarter of 2024, according to the latest report released by the National Bureau of Statistics (NBS) in Abuja.
The report, titled “NBS Rail Transportation Data for Q2 2024,” reveals a remarkable growth trajectory for the corporation, underscoring the expanding role of rail transportation in Nigeria’s economy.
In the second quarter of 2024, the NRC generated N1.69 billion from passenger transportation, marking a significant 53.14% increase compared to the N1.10 billion recorded in the same period in 2023. This uptick in revenue is a testament to the growing reliance on rail transportation among Nigerians and the corporation’s efforts to enhance its services.
Cargo Revenue Witnesses Impressive 206.68% Growth;
In addition to the impressive passenger revenue, the NRC also saw a substantial increase in revenue from goods and cargo conveyed by rail. The report indicates that N537.36 million was collected in Q2 2024, representing a remarkable 206.68% growth from the N175.22 million received in Q2 2023. This surge highlights the expanding capacity of Nigeria’s rail network to facilitate the movement of goods and cargo.
Furthermore, the report shows that revenue generated from the movement of goods and cargo via pipeline rose significantly to N42.08 million in Q2 2024, compared to the N12.81 million reported in Q2 2023. This represents a 228% increase, demonstrating the corporation’s diversification of revenue streams.
The NBS report also reveals that other receipts, which include miscellaneous income, amounted to N994.68 million in Q2 2024. This represents a moderate 5.2% increase from the N18.74 million recorded in Q2 2023. Passenger Numbers Rise by 45.38%
The report also highlights a significant increase in the number of passengers using rail transportation. In Q2 2024, the NRC transported 689,263 passengers, a 45.38% growth from the 474,117 passengers recorded in Q2 2023. This upward trend underscores the growing popularity of rail travel in Nigeria.
The NBS report’s findings suggest a promising outlook for Nigeria’s rail sector, with significant revenue growth and increasing passenger numbers. As the Nigerian Railway Corporation continues to invest in infrastructure development and service enhancement, the sector is poised for further expansion, contributing to the country’s economic growth and development.
