The Nigerian Railway Corporation (NRC) generated N1.42 billion in revenue by transporting 675,293 passengers on federal rail lines across Nigeria in the first quarter of 2024.
This data comes from the recently released Rail Transportation Data for Q1 2024 by the National Bureau of Statistics (NBS).
According to the NBS report, NRC’s passenger transport revenue in Q1 2024 increased by a substantial 84.91% compared to the N768.44 million generated in the same quarter of the previous year, which saw 441,725 passengers transported.
“In terms of revenue generation, N1.42 billion was received from passengers during the reference period, showing an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year,” the NBS report read it part.
Additionally, the NBS Rail Transportation Data report for Q1 2024 indicated that, on a quarter-on-quarter basis, the revenue generated from passenger transport between January and March 2024 was 33.06% higher than the N1,067,915,479 recorded in the fourth quarter of 2023.
Insight on Cargo Operations in Q1 2024
In the first quarter of 2024, the NBS report on rail operations highlighted significant improvements.
The Nigerian Railway Corporation (NRC) generated N607.32 million by transporting 160,650 tons of goods and cargo.
This volume greatly surpassed the 59,966 tons recorded in the same period in 2023, which generated N181,270,800.
Additionally, the report showed that the revenue from moving goods and cargo in Q1 2024 was 43.50% higher than the N423,215,481 recorded in the fourth quarter of 2023.
On a year-on-year basis, the revenue increased by an impressive 235.03% compared to N181,270,800 in Q1 2023.
This indicates substantial growth in both the volume of goods transported and the revenue generated, reflecting improved efficiency and utilization of the federal rail lines.
More Insights
The NBS Rail Transportation Data for Q1 2024 also indicated that the NRC generated N59,136,179 from a category termed “pipeline” during the first quarter of 2024.
Furthermore, the report showed that the NRC earned N25,402,777 from other income receipts in Q1 2024, marking a 25.65% decline from the N34,165,347 generated in the same quarter of 2023.
On a quarter-on-quarter basis, the revenue from other income receipts plummeted by 93.35% from the N565,843,550 recorded in Q4 2023.
Summing up all the revenue sources, including passengers, goods/cargo, pipeline, and other income receipts, the NRC generated a total of N2,112,777,594 on federal rail lines in Q1 2024.
This comprehensive revenue data highlights the critical role of the NRC in the transportation sector and highlights the organization’s efforts to improve efficiency and revenue generation despite facing various operational challenges.
