Cargo transport surges as FG rakes N1.07 billion from rail in Q4 2023

Nigeria generated revenue of N1.07 billion from 672,198 passengers that travelled by rail transport in the fourth quarter of last year.This figure is however a drop of 7.51 per cent in revenue over the N1.15 billion recorded in the corresponding quarter in 2022.

The National Bureau of Statistics (NBS) in its Q4 2023 rail transport report released on Monday shows that in terms of volume of goods and cargoes, the country did a lot better during the period, moving 119,286 tons of goods/cargoes compared to 53,136 tons recorded in Q4 2022.

The report also shows the country collected N423.22 million in revenue from goods/cargo conveyed by rail during the period. This figure according to the report is higher by 169.16 percent over the N157.23 million received in Q4 2022.

NBS said other receipts amounted to N393.72 million, also indicating an increase of 3.02 per cent in Q4 2023 from the N382.17 million collected in Q4 2022.

“However, on an annual basis, the number of passengers in 2023 fell by 32.08 per cent compared to the previous year. The revenue received from passengers also declined by 2.64 per cent in 2023, while the volume of cargo and revenue from cargo rose by 102.04 per cent, and 144.32 per cent respectively relative to 2022.