NRC reports N1.69bn from train passengers in Q2 2024

• Published On: 20 September 2024 at 19:37

The Nigerian Railway Corporation has announced a 53.14% increase in passenger transport revenue for the second quarter of 2024, totalling N1.69 billion.

According to the most recent NBS figures, total revenue generated from passenger transport during this period reached N1.69 billion, up from N1.10 billion in the same quarter of 2023.

The NBS report states: "In terms of revenue generation, N1.69 billion was received from passengers during the reference period, showing an increase of 53.14% from the N1.10 billion recorded in the same quarter of the previous year."

In addition to passenger transport, the NRC reported a significant increase in revenue from goods and cargo transportation.

Rail freight earnings increased by 206.68%, from N175.22 million in Q2 2023 to N537.36 million in Q2 2024.

This significant increase in revenue reflects the growing reliance on rail infrastructure for cargo transportation, a sector that is expanding as businesses and industries seek more efficient ways to move goods across the country.

Meanwhile, revenue from pipeline transportation increased significantly, reaching N42.08 million in Q2 2024, up from N12.81 million in the same period last year.

The significant revenue growth is closely related to increased use of the railway system by both passengers and cargo carriers.

In Q2 2024, the number of passengers transported by rail increased by 45.38%, reaching 689,263, compared to 474,117 in Q2 2023.

On the cargo side, the volume of goods transported increased to 143,759 tonnes, up from 56,936 tonnes in the same quarter last year.

According to the NBS report, "In Q2 2024, a total of 689,263 passengers travelled via rail system, compared to 474,117 reported in the corresponding quarter of 2023, indicating a 45.38% growth rate.

"The volume of goods/cargo transported by rail in Q2 2024 was 143,759 tonnes, compared to 56,936 tonnes in Q2 2023.
In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline of 5,940 tonnes, up from 2,856 tonnes in Q2 2023."

The NRC also reported a remarkable increase in other income receipts, which increased by more than 5,000% from N18.74 million in Q2 2023 to N994.68 million in Q2 2024.