The Nigerian Railway Corporation (NRC) earned N1.42 billion in the first quarter of 2024 by transporting 675,293 passengers across federal rail lines in Nigeria. This information comes from the Rail Transportation Data report released by the National Bureau of Statistics (NBS).
The NRC’s passenger revenue in Q1 2024 showed a significant increase of 84.91% compared to the N768.44 million earned in the same period last year, which saw 441,725 passengers. The NBS report stated, “N1.42 billion was received from passengers during the reference period, showing an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year.”
Quarter-on-quarter, the revenue from passenger transport in Q1 2024 rose by 33.06% compared to the N1.07 billion generated in the fourth quarter of 2023.
In cargo operations, the NRC transported 160,650 tons of goods in Q1 2024, generating N607.32 million. This was a substantial increase from the 59,966 tons and N181.27 million recorded in the same period last year. The revenue from cargo transport in Q1 2024 also grew by 43.50% compared to N423.22 million in Q4 2023.
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Year-on-year, cargo revenue saw a remarkable increase of 235.03% from N181.27 million in Q1 2023. This reflects improved efficiency and better utilization of the federal rail lines.
Additionally, the NRC earned N59.14 million from a category termed “pipeline” and N25.40 million from other income receipts in Q1 2024. However, the revenue from other income receipts decreased by 25.65% from N34.17 million in Q1 2023 and by 93.35% from N565.84 million in Q4 2023.
In total, the NRC generated N2.11 billion from passengers, goods/cargo, pipeline, and other income receipts in Q1 2024. This comprehensive revenue data underscores the NRC’s critical role in Nigeria’s transportation sector and its efforts to enhance efficiency and revenue generation despite various challenges.