Ogbodo Ozioma Favour
The Nigerian Railway Corporation (NRC) has reported a total revenue of N4.19 billion for the first nine months of 2023.
This represents a 7 per cent increase compared to the N3.90 billion earned during the same period in 2022, according to the National Bureau of Statistics (NBS).
In the first quarter of 2023, the NRC generated N983.87 million, with N768.44 million coming from passengers, N181.27 million from goods and cargo, and N34.17 million from other receipts.
The revenue climbed to N1.31 billion in the second quarter, driven by passenger revenue of N1.10 billion, goods and cargo revenue of N188.03 million, and other receipts of N18.74 million.
The railway corporation’s upward momentum continued in the third quarter of 2023, with passenger revenue reaching N1.48 billion, goods and cargo revenue totaling N286.78 million, and additional receipts contributing N119.22 million.
The NBS report highlighted an 18.79 per cent growth rate in passenger volume, with 594,348 passengers travelling via the rail system in Q3 2023 compared to 500,348 in the same quarter of 2022.
The volume of goods and cargo transported also saw a significant increase, reaching 81,963 tons compared to 33,312 tons in Q3 2022.
The NBS noted that the revenue generated in Q3 2023 from passengers increased by 108.25% to N1.49 billion, compared to N715.09 million in the same quarter of the previous year.
“Similarly, revenue from goods and cargo conveyed in Q3 2023 saw an increase of 181.58% to N286.78 million, up from N101.84 million in Q3 2022.”
The strong performance in Q3 brings the total revenue for the NRC in the first nine months of 2023 to N4.19 billion, indicating positive growth and a promising outlook for the sector.
