The Nigerian rail system generated N1.69 billion in revenue from passengers in the second quarter of 2024, a 53.14 percent increase from the N1.10 billion recorded during the same period in 2023.
This information was revealed in a report by the National Bureau of Statistics released Thursday.
According to the report, 689,263 passengers travelled by rail in Q2 2024, a growth rate of 45.38 percent compared to the 474,117 passengers recorded in Q2 2023.
There was also a notable rise in the volume of goods transported by rail, with 143,759 tons moved in Q2 2024, compared to 56,936 tons in the same period of 2023.
The Nigerian Railway Corporation also reported 5,940 tons of goods transported through pipelines in Q2 2024, up from 2,856 tons in Q2 2023.
Revenue from goods transported by rail amounted to N537.36 million in Q2 2024, representing a significant increase of 206.68 percent from the N175.22 million generated in Q2 2023. Revenue from goods conveyed through pipelines also increased, reaching N42.08 million in Q2 2024, compared to N12.81 million in the same quarter of 2023.
Other revenue streams brought in N994.68 million in Q2 2024, a staggering 5,206.68 percent compared to the N18.74 million recorded in the same period last year.
Earlier in 2024, it was reported that Nigeria spent significantly more on servicing debt incurred for building its railways than it generated in revenue. In the first quarter, the country spent 2,470 percent more on railway debt servicing than the revenue earned from rail services.
In 2023, the Nigerian Railway Corporation generated N1.07 billion in passenger revenue.
