BY Bunmi Aduloju
The Nigerian Railway Corporation (NRC) says it generated N6.05 billion in revenue from passengers, cargo and other services in 2023.
This is contained in the National Bureau of Statistics (NBS) latest rail transportation data for the fourth quarter (Q4) of 2023.
The report said the figure represents an 8 percent rise in turnover, compared to the N5.56 billion recorded in 2022.
According to the bureau, NRC generated N4.42 billion from passengers in 2023, compared to N4.54 billion in 2022.
Goods and cargo in 2023 generated N1.07 billion, against N441.7 million the year before — a 142.2 percent increase.
Income from other receipts amounted to N565.8 million last year, lower than the N607.8 million recorded in the preceding year.
According to the report, 2.18 million passengers travelled via the rail system in 2023, compared to 3.21 million passengers recorded in 2022 — representing a 32 percent decrease.
A total of 317,244 tons of goods were also transported in 2023 compared to 157,024 recorded in 2023 — signalling a decrease of 102.04 percent.
“In Q4 2023, a total of 672,198 passengers travelled via rail system relative to 1,337,108 reported in the corresponding quarter of 2022, indicating a growth rate of -49.73%,” NBS said.
“The volume of goods/cargos transported in Q4 2023 stood at 119,286 tons compared to 53,136 tons recorded in Q4 2022.
“In terms of revenue generation, N1.07 billion was received from passengers during the reference period, showing a decrease of 7.51% from the N1.15 billion recorded in the same quarter of the previous year.
“Similarly, N423.22 million was collected from goods/cargos conveyed in Q4 2023, up by 169.16% from N157.23 million received in Q4 2022.”
In addition, other receipts amounted to N393.72 million, indicating an increase of 3.02 percent in Q4 2023 — from the N382.17 million collected in Q4 2022.
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