Q2 2024: Rail Revenue Rises by 53.14% to N1.69bn

Arthur Eriye

As Nigerians begin to gravitate towards rail transportation as a result of the high cost of airfares, the sector generated N1.69 billion revenue from passengers in the second quarter of 2024, an increase of 53.14 per cent from the N1.10 billion reported during the same period in 2023.

According to a report by the National Bureau of Statistics (NBS), the total number of rail passengers surged to 689,263, reflecting a 45.38 per cent increase compared to 474,117 in Q2 2023.
Additionally, goods transported by rail experienced a significant uptick, with 143,759 tons moved in Q2 2024, a notable rise from 56,936 tons in the previous year.

The Nigerian Railway Corporation (NRC), also reported a transportation volume of 5,940 tons of goods through pipelines, increasing from 2,856 tons in Q2 2023.
Revenue from goods transported via rail reached N537.36 million in Q2 2024, a staggering 206.68 per cent increase from N175.22 million in Q2 2023.

The report revealed that Pipeline transportation contributed an additional N42.08 million to the revenue, up from N12.81 million last year.
Overall, other revenue streams amounted to N994.68 million in Q2 2024, a staggering increase of 5,206.68 per cemt from just N18.74 million in the same period last year.