The Nigerian rail system generated N1.69bn in passenger revenue during the second quarter of 2024, marking a 53.14% increase compared to the N1.10bn earned in the same period of 2023, according to a report released by the National Bureau of Statistics on Thursday.
The report revealed that 689,263 passengers traveled by rail in Q2 2024, reflecting a 45.38% growth compared to the 474,117 passengers recorded in Q2 2023.
There was also a substantial rise in the volume of goods transported by rail, with 143,759 tons moved in Q2 2024, up from 56,936 tons in the corresponding quarter of the previous year.
In addition, the Nigerian Railway Corporation reported that 5,940 tons of goods were transported through pipelines in Q2 2024, a significant increase from the 2,856 tons moved during the same period in 2023.
Revenue from goods conveyed via rail reached N537.36m in Q2 2024, a 206.68% surge compared to N175.22m in Q2 2023. Goods transported through pipelines contributed N42.08m in revenue, up from N12.81m in the same period of the previous year.
Other revenue streams totaled N994.68m in Q2 2024, representing an astounding 5,206.68% increase from the N18.74m recorded in Q2 2023.
Earlier in the year, The Nigeria spent significantly more on servicing debt incurred for railway construction than it generated in revenue. In the first quarter of 2024, the country spent 2,470% more on railway debt servicing than it earned from its rail services.
In 2023, the Nigerian Railway Corporation generated N1.07bn in passenger revenue.