The Nigeria Railway Corporation (NRC) has announced a substantial rise in revenue for the first quarter of 2024, marking an 84.91% increase compared to the same period in 2023. This information comes from a recent report by the National Bureau of Statistics.
In the first three months of 2023, the NRC generated a total of N768.44 million. However, in the corresponding period in 2024, the corporation recorded an impressive N1.42 billion in revenue.
Additionally, the NRC saw a significant boost in revenue from cargo transport. During Q1 2024, the corporation collected N607.32 million from goods and cargo conveyed via rail, compared to N181.27 million in the same period of 2023, reflecting a 235.03% increase.
The report highlights the following key financial figures:
Passenger Revenue: N1.42 billion in Q1 2024, up 84.91% from N768.44 million in Q1 2023.
Goods/Cargo Revenue: N607.32 million in Q1 2024, up 235.03% from N181.27 million in Q1 2023.
Pipeline Transport Revenue: N59.14 million in Q1 2024.
Other Receipts: N25.40 million in Q1 2024, down 25.65% from N34.17 million in Q1 2023.
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The report also showed an increase in passenger numbers, with 675,293 individuals traveling by rail in Q1 2024, a 52.88% rise from the 441,725 passengers in Q1 2023.
Moreover, the volume of goods and cargo transported via rail surged to 160,650 tons in Q1 2024, up from 59,966 tons in Q1 2023. The NRC also reported transporting an additional 8,000 tons of goods/cargo via pipeline in the same period.
These figures indicate robust growth in both passenger and cargo transport sectors, reflecting the NRC's ongoing efforts to enhance its services and infrastructure.
