UPDATE: MORE NIGERIANS EMBRACE RAIL TRANSPORT AS REVENUE JUMPS BY 53% TO N1.69 BILLION Q2 – NBS
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Revenue from rail transport in Nigeria increased by 53.14 percent to 1.69 billion in the second quarter of 2024, compared to 1.10 billion in the same period in 2023, indicating increased adoption.
This information was provided by the National Bureau of Statistics in a report released Thursday.
In 2023, the Nigerian Railway Corporation generated₦1.07 billion in revenue from passengers.
According to the data, 689,263 people travelled by rail in Q2, indicating a 45.38 percent increase from 474,117 passengers in the same quarter of 2023.
The number of commodities transported by rail also increased significantly, reaching 143,759 tonnes in Q2 2024, up from 56,936 tonnes in Q2 2023.
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Additionally, the Nigerian Railway Corporation reported a volume of 5,940 metric tonnes of products transported through pipelines in Q2 2024, up from 2,856 metric tonnes in the same period last year.
In Q2 2024, train revenue increased by 206.68% to N537.36m from N175.22m in Q2 2023. In Q2 2024, goods flow through pipelines generated N42.08m in revenue, up from N12.81m in Q2 2023.
In Q2 2024, other revenue receipts reached N994.68m, up 5,206.68% from the previous year’s similar quarter of N18.74m.
In the first quarter of 2024, Nigeria spent 2,470 percent more on railway debt payments than it earned from train service income.
In the first half of 2021, the Nigerian Railway Corporation reported record revenues of N2.12 billion, up 31% over the same time in 2019.
At the same time, revenue from freight transport fell, with gains primarily coming from passenger travel between Lagos and Ibadan on the new standard gauge.
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