The Nigerian Railway Corporation (NRC) transported 743,205 passengers in the third quarter of 2024, generating revenue of N1.7 billion.
This represents a 13.8% increase compared to the N1.49 billion recorded in Q3 2023.
The data was detailed in the Rail Transportation Data for Q3 2024 report, released by the National Bureau of Statistics (NBS) on Thursday.
The NBS report noted that passenger numbers also grew significantly by 25.05% year-on-year, up from 594,348 passengers in the same quarter of 2023.
“In Q3 2024, a total of 743,205 passengers travelled via rail system relative to 594,348 reported in the corresponding quarter of 2023, indicating a growth rate of 25.05%,” the report read in part.
It added, “In terms of revenue generation, N1.70 billion was received from passengers during the reference period, showing an increase of 13.83% from the N1.49 billion recorded in the same quarter of the previous year.”
The NBS report also highlighted that the passenger figures and revenue generated in Q3 2024 build on consistent growth earlier in the year. In Q1 2024, the Nigerian Railway Corporation transported 675,293 passengers, generating N1.42 billion in revenue.
This increased in Q2, with 689,263 passengers and N1.69 billion in revenue. These steady quarterly increases reflect the rising reliance on rail transport across the country.
More insight
The NBS Rail Transport Data for Q3 2024 further provided details on the movement of goods and associated revenue.
The volume of goods transported via rail during the quarter stood at 96,401 tons, a 39.7% increase compared to the 69,003 tons recorded in Q3 2023. However, this figure marked a decline from the higher volumes recorded earlier in 2024, with 160,650 tons in Q1 and 143,759 tons in Q2.
- Revenue from rail cargo reached N412.57 million in Q3 2024, representing an impressive 89.6 percent growth from N217.60 million in Q3 2023. Despite this year-on-year increase, the revenue showed a downward trend within the year, having peaked at N607.31 million in Q1 2024 before dropping to N537.36 million in Q2.
- Additionally, pipeline transportation showed weaker performance during the quarter. The volume of goods moved via pipelines dropped significantly to 7,320 tons, a 43.5% decrease from the 12,960 tons recorded in Q3 2023. Revenue from pipeline operations mirrored this decline, falling to N51.85 million in Q3 2024 from N69.18 million in the corresponding quarter of the previous year.
- Other income sources, categorized as ancillary receipts, also experienced a sharp downturn. These receipts totaled N34.77 million in Q3 2024, down by 70.84% from the N119.22 million recorded in Q3 2023.
Overall, the report highlights mixed outcomes for Nigeria’s rail transport sector which is managed by the Nigerian Railway Corporation. While passenger transport continues to thrive with consistent growth in numbers and revenue, the fluctuations in goods transport and declining pipeline performance indicate the need for strategic interventions.