Nigerian Railway Generates N1bn Record Revenue in 2023 Q4 – NBS

According to the National Bureau of Statistics (NBS), the Nigerian Railway Corporation generated a record N1.07 billion in passenger revenue in the fourth quarter of 2023.

The report showed that the figure decreased by 7.51 per cent compared with the N1.15bn generated in Q4 of 2022.

The report indicated that revenue from goods/cargoes ballooned by 169.16 per cent to N423.22m from N157.23m generated in the same period of the previous year.

Also, other receipts grew by 3.02 per cent from the N382.17m recorded in Q4 2022 to N393.72m recorded in Q4 2023,” it stated.

According to the report, the number of rail transport passengers in Q4 2023 declined by 49.73 per cent to 672,198 instead of 1,337,108 in the prior period.

It said on an annual basis, the number of rail transport passengers decreased by 32.08 per cent, from 3,212,948 recorded in 2022 to 2,182,388 recorded in 2023.

The NBS said the revenue received from passengers declined by 2.64 per cent in 2023 from the N4.55b recorded in 2022 to N4.43bn in 2023.

“However, the volume of cargo and revenue from cargo in 2023 increased by 102.04 per cent and 144.32 per cent respectively, compared with 2022,” the report said.