The Nigerian rail system achieved a remarkable revenue milestone of N1.69 billion from passenger services in the second quarter of 2024, marking a significant 53.14% increase from the N1.10 billion reported in the same quarter of 2023.
This information was revealed by the National Bureau of Statistics in a recent report. The report highlights that a total of 689,263 passengers utilized the rail service in Q2, representing a notable growth rate of 45.38% compared to 474,117 passengers during the same period in 2023.
Additionally, the volume of goods transported by rail increased substantially, reaching 143,759 tons in Q2 2024, a rise from 56,936 tons in Q2 2023. The Nigerian Railway Corporation also reported transporting 5,940 tons of goods through pipelines in Q2 2024, up from 2,856 tons year-over-year.
Revenue generated from goods conveyed by rail was recorded at N537.36 million in Q2 2024, showing an impressive increase of 206.68% from N175.22 million in Q2 2023. Furthermore, the revenue from goods transported through pipelines also rose to N42.08 million in Q2 2024, compared to N12.81 million in the previous year.
Other revenue sources contributed N994.68 million in Q2 2024, indicating an astonishing growth of 5,206.68% from N18.74 million during the same period last year.
In contrast, earlier reports indicated that Nigeria’s expenditure on servicing debt related to railway construction far exceeded the revenue generated by the railway system, with a spending increase of 2,470% compared to the revenue in the first quarter of 2024.
