The Nigeria Railway Corporation (NRC) faced a significant decline in its passenger numbers in 2023, recording 2,182,388 passengers, a sharp 32.08% decline compared to the 3,212,948 recorded in the previous year.
Nairametrics gathered these data from the recently released National Bureau of Statistics (NBS) Rail Transportation Data (Q4 2023) report published on the NBS website.
Delving deeper into the specifics, the NBS report showed that in Q1 2023, the Nigeria Railway Corporation transported 441,725 passengers on the federal government-controlled railway tracks nationwide, compared to 953,099 passengers in the corresponding quarter of 2022.
In Q2 2023, however, the ridership on NRC trains was 474,117, higher than the 422,393 recorded in the corresponding quarter of the previous year. Similarly, ridership in Q3 2023 was 594,348, surpassing the 500,348 recorded in Q3 2022.
Furthermore, the NBS report on rail transportation data showed that in Q4 2023, NRC moved 672,198 passengers, which is 664,910 fewer than the 1,337,108 passengers moved in the corresponding quarter of 2022.
Impact of declining ridership on NRC revenue
- The decline in the number of passengers using NRC trains in 2023 compared to 2022 led to a 2.64% decrease in revenue for the Nigeria Railway Corporation (NRC), as reported in the NBS Rail Transportation Data (Q4 2023).
- To put it in a clearer perspective, NRC generated N4,426,495,760 in revenue by transporting 2,182,388 passengers in 2023, down from N4,546,342,056 for moving 3,212,948 passengers in 2022.
- Comparing the revenue generated in each of the four quarters of 2023 and 2022, NRC received N768,438,658 in Q1 2023, down from N2,077,836,686 recorded in the corresponding quarter of 2022.
- For Q2 2023, NRC generated N1,100,941,295, compared to N598,736,300 recorded in Q2 2022, while in Q3 2023, the revenue generated was N1,489,200,328, surpassing the N715,091,714 generated in the corresponding quarter of 2022.
- In Q4 2023, NRC generated N1,067,915,479, which was N86,761,877 less than the N1,154,677,356 it recorded in the corresponding quarter of 2022.
