Nigeria Railways Records 103% Increase in Revenue to N1.89bn Q3, 2023

In the third quarter of 2023, the Nigeria Railway Corporation (NRC) collected around N1.895 billion in revenue from passenger and cargo transports.

According to Nairametrics, this represents an increase of 103.1 percent from N933 million recorded in the corresponding quarter of 2022.

This is according to the latest NBS rail transport data for July, August and September 2023.

According to the report, the NRC generated N1.49 billion from passengers during the period and recorded N286.78 million from cargo/goods.

Furthermore, there were additional receipts totalling N119.22 million, reflecting a 1.05 percent increase in Q3 2023 compared to the N117.98 million collected in Q3 2022

When compared on a quarter-to-quarter basis, revenues from rail transport increased by 57.13 percent from N1.206 billion generated in the second quarter of 2023 to N1.89 billion for the third quarter.

A breakdown of the figures reveals that revenues from passenger transport rose from N1.10 billion to N1.48 billion

Also, receipts from cargo/goods transport for the second quarter increased from N188 million to N286 million from the second quarter to the third quarter.

Furthermore, for the period under review, the rail system witnessed a total of 594,348 passengers travelling, marking a notable increase from the 500,348 passengers reported during the same quarter in 2022, representing a growth rate of 18.79 percent.

When compared to the previous quarter, passengers moved by the rail system increased from 474,117 to 594,348 people.

Additionally, the volume of goods and cargo transported in Q3 2023 amounted to 81,963 tonnes, a significant rise from the 33,312 tonnes transported in Q3 2022. When compared to the previous quarter, the volume of cargo increased from 56,029 tonnes to its current figure.