N4.2bn Generated from Train Services in Nine Months – NBS

The Nigerian Railway Corporation (NRC) reported a total revenue of N4.19 billion from ticket sales, passenger services, cargo, and other offerings during the initial nine months of 2023.
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This figure demonstrates a growth of N290 million or 7 percent compared to the N3.90 billion amassed in the corresponding period of 2022.

The National Bureau of Statistics (NBS) disclosed this information in its most recent rail transportation data for the third quarter of 2023, released on Wednesday. According to the report, the NRC's revenue breakdown for the first quarter of 2023 was N768.44 million from passengers, N181.27 million from goods and cargo, and N34.17 million from other receipts, resulting in a total of N983.87 million for the quarter.

Moving into the second quarter of 2023, the NRC witnessed a revenue increase to N1.31 billion, as indicated by the NBS. The growth was attributed to a surge in passenger revenue, reaching N1.10 billion. The report also highlighted an uptick in revenue from goods and cargo, totaling N188.03 million, with an additional N18.74 million from other receipts.

The positive momentum persisted for the NRC in the third quarter of 2023, marking continuous quarterly revenue growth. The NBS reported that passenger revenue reached N1.48 billion during Q3, while goods and cargo contributed N286.78 million to the NRC's earnings. Other receipts further added N119.22 million to the overall revenue for the quarter.

The report read, “In Q3 2023, a total of 594,348 passengers travelled via rail system, relative to 500,348 reported in the corresponding quarter of 2022, indicating a growth rate of 18.79%. The volume of goods/cargos transported in Q3 2023 stood at 81,963 tons, compared to 33,312 tons recorded in Q3 2022.

“In terms of revenue generation, N1.49 billion was received from passengers during the reference period, showing an increase of 108.25% from the N715.09 million recorded in the same quarter of the previous year.

“Similarly, N286.78 million was collected from goods/cargos conveyed in Q3 2023, up by 181.58% from N101.84 million received in Q3 2022.”

The Q3 performance brings the corporation’s nine-month total to N4.19 billion

The analysis also revealed that 1.50 million passengers travelled via the train system during the period.

However, the revenue of the corporation is expected to drop in the fourth due to free train rides given to Nigerians during the 2023 festive period.

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