In the second quarter of 2024, the Nigerian rail system generated N1.69 billion in passenger revenue, marking a 53.14 percent increase from the N1.10 billion recorded in the same period in 2023.
This information was revealed in a report released by the National Bureau of Statistics on Thursday.
The report stated that the total number of passengers using the rail system was 689,263, which is about a 45.38% increase from the 474,117 passengers reported in the same quarter of 2023.
The volume of goods and cargo transported by rail in Q2 2024 was 143,759 tons, showing a significant increase from the 56,936 tons recorded in Q2 2023.
Additionally, the Nigerian Railway Corporation (NRC) reported an increase in the volume of goods transported via pipeline, which stood at 5,940 tons, compared to 2,856 tons in Q2 2023.
Revenue from goods and cargo transported by rail in Q2 2024 was N537.36 million, a remarkable increase of 206.68% from N175.22 in Q2 2023. The movement of goods and cargo via pipeline contributed a revenue generation of N42.08 million compared to the N12.81 million reported in the preceding quarter of the previous year.
Other revenue receipts amounted to N994.68 million in Q2 2024, representing a magnificent increase of 5,206.68 from the N18.74 million recorded in the corresponding period of last year.
Engineer, Entrepreneur, forex trader and Analyst
