Nigerian Railway Corporation earns N1.7 billion from 743,205 passengers in Q3 2024 – NBS 

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.

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.

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.