Railway Revenue Hits N1.69bn in Q2 2024, 53% Passenger Growth –NBS

Samuel Mobolaji

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 N1.10 billion recorded in the same period of 2023.

This data was disclosed by the National Bureau of Statistics (NBS) in its report released on Thursday.

According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.

The volume of goods transported via rail, also, saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023.

Additionally, the Nigerian Railway Corporation reported a volume of 5,940 tons of goods transported through pipelines in Q2 2024, an increase from the 2,856 tons recorded in the same period of the previous year.

Revenue from goods conveyed via rail stood at N537.36 million in Q2 2024, a remarkable increase of 206.68 per cent compared to N175.22m in Q2 2023.

The movement of goods through pipelines also contributed to revenue generation, with N42.08m collected in Q2 2024, compared to N12.81million in Q2 2023.

Other revenue receipts amounted to N994.68 million in Q2 2024, representing a staggering increase of 5,206.68 per cent from the N18.74 million recorded in the corresponding period of last year.

In the first quarter of 2024, Nigeria spent more on servicing the debt incurred for building its railways than the revenue generated by its railway system. The country spent 2,470 per cent per cent more on railway debt servicing than it made from revenue from rail services in the first quarter of 2024.