Nigeria’s rail revenue drops 4% to N2.2bn in three months

Nigeria’s rail revenue drops 4% to N2.2bn in three months

Revenue generated from rail transport fell by 4.7 percent year-on-year (YoY) to N2.19 billion in the third quarter of 2024 (Q3’24), from N2.3 billion in the corresponding period of 2023, Q3’23.

The National Bureau of Statistics, NBS, disclosed this yesterday in its Rail Transportation Data for Q3’24.

The breakdown of the revenue shows N1.7 billion was received from passengers while N412.57 million was collected on goods/cargo, and N51.85 million received from the movement of goods/cargo through pipelines. It also generated N34.77 million from income line categorized as ‘Other Receipts’.

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The Bureau also said that 743,205 passengers travelled through the rail system during the period.

It stated: “In Q3’24, a total of 743,205 passengers travelled via rail system relative to 594,348 reported in the corresponding quarter of 2023, indicating a growth rate of 25.05 percent.

“The volume of goods/cargo transported via rail in Q3 2024 stood at 96,401 tons compared to 69,003 tons recorded in Q3 2023.

“In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 7,320 tons, lower than 12,960 tons in Q3 2023.

“In terms of revenue generation, N1.7 billion was received from passengers during the reference period, showing an increase of 13.83 percent from the N1.49 billion recorded in the same quarter of the previous year”.

Nigeria’s rail revenue drops 4% to N2.2bn in three months