Nigeria Railway Generates N1.42bn Revenue In 3 Months

The Nigeria Railway Corporation (NRC) earned N1.42 billion as revenue in the first three months of 2024. This reflects 84.91 per cent increase from the N768.44 million recorded in the same period in 2023.

This was disclosed in a report by the National Bureau of Statistics (NBS).

The corporation also collected N607.32 million from goods and cargo conveyed via rail, against N181.27 million received during the same period in 2023. This reflects 235.03 per cent increase.

“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 per cent in Q1 2024 from the N34.17 million received in Q1 2023.”

According to the data, there was a 52.88 percent growth rate in the number of passengers who traveled by train this year, with 675,293 passengers reported compared to 441,725 in the corresponding quarter in 2023.

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“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.”