Nigeria’s National Bureau of Statistics (NBS) says that the Nigerian railway sector recorded an increase in revenue generation in the third quarter (Q3) of 2024 with total earnings rising to N2.20 billion.
The NBS said in its latest report this development was due largely to road insecurity, higher passenger turnout and increased cargo transportation.
It added that the increase was 21 per cent over N1.82 billion recorded in the corresponding period of 2023.
The NBS explained in its rail transportation data that passenger transport contributed the highest revenue, generating N1.70 billion, up by 13.83 per cent from N1.49 billion recorded in Q3 2023.
The report noted that the growth coincided with a 25.05 per cent surge in the number of passengers, as 743,205 commuters opted for rail travel compared to 594,348 in the same quarter of the previous year, while goods and cargo conveyed through rail brought in N412.57 million, a growth rate of 89.60 per cent from the N217.60 million earned in Q3 2023.
According to the report, the volume of goods transported also increased, which stood at 96,401 tons during the quarter, up from 69,003 tons in the prior year.
“Revenue from pipeline-conveyed goods fell to N51.85 million in Q3 2024, down from N69.18 million in the same period last year. Similarly, “other receipts,” which include miscellaneous earnings, dropped sharply by 70.84 percent, generating only N34.77 million compared to N119.22 million in Q3 2023,” the report added.
GIK/APA