NBS Reveals Rail Transport Generated N1.69 Billion In Q2

NBS Reveals Rail Transport Generated N1.69 Billion In Q2....KINDLY READ THE FULL STORY HERE▶

In the second quarter of 2024, Nigeria’s rail system generated N1.69 billion in passenger revenue, marking a significant 53.14% increase from the N1.10 billion reported during the same period in 2023. This information was released by the National Bureau of Statistics on Thursday…….CONTINUE READING 

The report indicated that a total of 689,263 passengers utilized the rail service in Q2, a growth rate of 45.38% compared to 474,117 passengers in Q2 2023.

Additionally, goods transported via rail experienced substantial growth, with 143,759 tons moved in Q2 2024, up from 56,936 tons in the previous year. The Nigerian Railway Corporation also reported transporting 5,940 tons of goods through pipelines in Q2 2024, an increase from 2,856 tons in Q2 2023.

Revenue from goods transported by rail reached N537.36 million in Q2 2024, a remarkable rise of 206.68% from N175.22 million in Q2 2023. Revenue from pipeline transport also increased, generating N42.08 million in Q2 2024, compared to N12.81 million in the same quarter last year.

Other revenue sources contributed N994.68 million in Q2 2024, reflecting an extraordinary 5,206.68% increase from N18.74 million in the previous year.

However, it’s worth noting that in the first quarter of 2024, Nigeria spent significantly more on servicing railway debt than it earned from rail services, with debt servicing costs being 2,470% higher than revenue. In 2023, the Nigerian Railway Corporation reported passenger revenue of N1.07 billion.

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