The Nigerian Railway Corporation (NRC) recorded impressive revenue gains in the first quarter of 2024, according to the National Bureau of Statistics (NBS).
The NRC generated N1.42 billion by transporting 675,293 passengers across federal rail lines, marking an 84.91% increase from the N768.44 million earned in Q1 2023, which saw 441,725 passengers.
“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,” stated the NBS report.
The report also highlighted a 33.06% increase in passenger transport revenue from the fourth quarter of 2023, which recorded N1,067,915,479.
Additionally, the NRC generated N607.32 million by transporting 160,650 tonnes of goods and cargo in Q1 2024. This represents a significant rise from the 59,966 tonnes moved in Q1 2023, which brought in N181,270,800. On a quarter-on-quarter basis, revenue from goods and cargo transport increased by 43.50% from N423,215,481 in Q4 2023. Year-on-year, this revenue surged by 235.03%.
The NBS report attributed this growth to improved efficiency and utilisation of federal rail lines.
Other notable insights from the NBS Rail Transportation Data for Q1 2024 include the NRC’s N59,136,179 earnings from a category termed “pipeline” and N25,402,777 from other income receipts. However, revenue from other income receipts fell by 25.65% from N34,165,347 in Q1 2023 and plummeted by 93.35% from N565,843,550 in Q4 2023.
Overall, the NRC generated a total of N2,112,777,594 from passengers, goods/cargo, pipeline, and other income receipts in Q1 2024, demonstrating substantial growth and improved performance across its operations.
