Revenue from rail transport surged by 122% year-on-year (YoY), reaching N2.11 billion in the first quarter of 2024 (Q1’24), up from N949.94 million in the first quarter of 2023 (Q1’23). According to the National Bureau of Statistics (NBS) Rail Transport Report for Q1’24, released on Monday, this revenue is composed of N1.42 billion from passenger services, N607.32 million from goods/cargo, N59.14 million from goods/cargo transported via pipeline, and N25.4 million from other sources.
The NBS report highlighted: “Revenue from passengers totaled N1.42 billion during the reference period, an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year. Revenue from goods/cargo transported by rail reached N607.32 million in Q1’24, a 235% rise from N181.27 million in Q1’23. Additionally, the movement of goods/cargo via pipeline generated N59.14 million in Q1’24. Other receipts amounted to N25.4 million, reflecting a 25.7% decrease from N34.2 million in Q1’23.”
The NBS also reported that 675,293 passengers used the rail system in Q1’24, up 53% from 441,725 in the corresponding quarter of 2023. The volume of goods/cargo transported by rail increased to 160,650 tons in Q1’24, compared to 59,966 tons in Q1’23. Additionally, the Nigerian Railway Corporation (NRC) reported that an extra 8,000 tons of goods/cargo were transported via pipeline during the quarter.
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