Transportation by rail is becoming attractive following the jump of 53.14 percent in its revenue, and reaching N1.69 billion in Q2 2024 from the N1.10 billion record in the corresponding quarter of the previous year.
The National Bureau of Statistics (NBS) in its for Q2 2024 report stated that, N1.69 billion revenue generation was received from passengers during the reference period, from a total of 689,263 passengers who travelled through the rail system in relation to 474,117 reported in the corresponding quarter of 2023, signaling a growth rate in passengers travel at 45.38 percent.
On the aspect of volume of goods/cargo transported, 143,759 tons of goods/cargo was transported via rail in Q2 2024 as against 56,936 tons recorded in the preceding year of the same quarter Q2 2023.
In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 5,940 tons, higher than 2,856 tons in Q2 2023.
In terms of naira contributions for Q2 2024, the revenue generated from passengers recorded the highest naira value at N1.69 billion, followed by other income receipts at N994.68 million alongside N537.36 million revenue gathered from goods/cargos transported while the revenue generated from pipeline in Q2 2024 was pegged at N42.08 million as stated by the NBS.
“According to the NBS, N537.36 million was generated from goods/cargo conveyed via rail in Q2 2024, up by 206.68% from N175.22 million received in Q2 2023.”
In addition, revenue generated from the movement of goods/cargo via pipeline stood at N42.08 million in Q2 2024, higher than the N12.81 million reported in the corresponding period of last year.
Other income receipts amounted to N994.68 million, indicating an increase of 5,206.68% in Q2 2024 from the N18.74 million received in the preceding year and quarter Q2 2023
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