Key highlights:
- The number of passengers rose by 30.10% to 1.34 million persons in Q4 2022.
- Revenue generated from passengers stood at N1.15 billion, a decrease of 39.54% from Q4 2021 when N1.91 billion was reported.
- Revenue generated from goods in Q4 2022 was N157.23 million, higher by 63.56% compared to N96.13 million reported in Q4 2021.
The number of Nigerians using rail for transport fell by 28.20% in Q3 2022, to 500,348, however, rose 20.10% to 1.34 million persons in Q4 2022.
This was disclosed by the National Bureau of Statistics on Monday in its Rail Transportation Data (Q3 & Q4 2022).
The report added that Revenue generated from passengers stood at N1.15 billion in Q4 2022, a decrease of 39.54% from the same period of the previous year when N1.91 billion was reported.
Third Quarter
The report stated that the number of rail transport passengers in Q3 2022 was 500,348, lower than the 696,841 reported in the corresponding quarter of 2021, representing a growth rate of -28.20%, they added:
- “In addition, 33,312 tons of goods were transported in Q3 2022, compared to 51,726 tons reported in Q3 2021. In terms of revenue generation, N715.09 million was received from passengers over the period, lower by 60.52% relative to N1.81 billion in the same quarter of the previous year.
- “Similarly, N101.84 million was collected in Q3 2022 as revenue from goods/ cargos, down by 7.04% from N109.56 million received in Q3 2021. Also, other receipts grew by 707.31% in Q3 2022 from the N14.61 million collected in Q3 2021.
Fourth Quarter
For the 4th quarter the number of passengers rose by 30.10% to 1.34 million persons from 1.03 million persons in Q4 2021, they added:
- “While the volume of goods transported decreased by 1.50%. Revenue generated from passengers stood at N1.15 billion, a decrease of 39.54% from the same period last year when N1.91 billion was reported.
- “Moreso, revenue generated from goods in Q4 2022 was N157.23 million, higher by 63.56% compared to N96.13 million reported in Q4 2021. Other income receipts stood at N382.17 million, an increase of 3,316.18% from the N11.19 million recorded in the same period of the preceding year. However, on annual basis, the number of passengers increased by 18.36%.
What this means
Despite an increase in Passengers, the Nigerian rail Service is still recording a decrease in revenue, however, there is hope for commercial revenue as revenue generated from goods and other income receipts rises, which means the NBS can grow its freight and services revenue from operations.
