Rail passenger revenue in Nigeria grew by 19% Quarter-on-Quarter (QoQ), reaching N1.69 billion in the second quarter of 2024 (Q2’24), up from N1.42 billion in the first quarter (Q1’24), according to the National Bureau of Statistics (NBS) Rail Transportation report.
However, revenue from goods and cargo transported by rail fell by 11.5% to N537.35 million in Q2’24, down from N607.32 million in Q1’24. Revenue from goods moved via pipeline also declined by 28.8%, dropping from N59.14 million in Q1’24 to N42.08 million in Q2’24.
The report highlighted that a total of 689,263 passengers traveled by rail in Q2’24, representing a 45.38% increase compared to 474,117 passengers in the same quarter of 2023. The volume of goods transported via rail increased significantly, reaching 143,759 tons compared to 56,936 tons in Q2’23.
The Nigerian Railway Corporation (NRC) reported transporting 5,940 tons of goods via pipeline in Q2’24, up from 2,856 tons in Q2’23. Overall, revenue from passengers in Q2’24 was 53.14% higher than the N1.10 billion recorded in the same quarter last year, while revenue from goods transported via rail surged by 206.68% from N175.22 million in Q2’23.