The Nigeria Railway Corporation has disclosed that its revenue increased by 84:91 per cent in 2024 compared to its 2023 first-quarter performance
The National Bureau of Statistics disclosed this in their report.
It will be recalled that in first three months of 2023 the corporation made a total sum of N768.44m, but in 2024 the corporation recorded N1.42b in the same time under reference.
The corporation also recorded a significant increase in the amount of revenue made from carrying cargo.
Cargo boom drives NRC revenue to N1.4b in three months
Also in the same period, NRC collected N607.32m from goods and cargo conveyed via rail, against N181.27m received during the same period in 2023.
“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.
“Similarly, N607.32 million was collected from goods/ cargo conveyed via rail in Q1 2024, up by 235.03% from N181.27 million received in Q1 2023. In addition, revenue generated from the movement of goods/cargo via pipeline stood at N59.14 million in Q1 2024. Other receipts amounted to N25.40 million, indicating a decline of 25.65% in Q1 2024 from the N34.17 million received in Q1 2023.”
The report further showed that more persons travelled via rail this year, putting the passengers’ number at 675,293 “relative to 441,725 reported in the corresponding quarter of 2023, indicating a growth rate of 52.88 per cent.
“The volume of goods/cargo transported via rail in Q1 2024 stood at 160,650 tons compared to 59,966 tons recorded in Q1 2023. In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 8,000 tons.”