The National Bureau of Statistics has disclosed that The Nigerian Rail System generated N1.69 billion in revenue from passengers in the second quarter of 2024, reflecting a 53.14 per cent increase compared to the N1.10billion recorded in the same period of 2023.
NBS reported that 689,263 passengers used rail services in Q2 2024, reflecting a 45.38% increase from 474,117 passengers in the same quarter of 2023. The volume of goods transported by rail also rose significantly, with 143,759 tons moved in Q2 2024, compared to 56,936 tons in Q2 2023. Additionally, the Nigerian Railway Corporation transported 5,940 tons of goods via pipelines in Q2 2024, up from 2,856 tons during the same period last year.
The Nigerian Railway Corporation (NRC) reported an increase in revenue from goods transported by rail, which reached N537.36 million in Q2, 2024. Representing a significant increase of 206.68 per cent from N175.22 million in Q2 2023. Also, the movement of goods through pipelines contributed to revenue generation, with N42.08m collected in Q2 2024, compared to N12.81m in Q2 2023.
The NRC also recorded a remarkable increase in other income, soaring over 5,000% from N18.74 million in Q2 2023 to N994.68 million in Q2 2024. This significant growth shows the NRC’s efforts to boost revenue and improve efficiency. It also reflects a growing reliance on rail for transporting goods, as businesses look for better ways to move their products across the country.
