Rail services generated N1.7b revenue in Q3 2024 – NBS

The Nigerian Railway Corporation (NRC) earned N1.7 billion in revenue from passengers and cargo in the third quarter (Q3) of 2024, according to a report from the National Bureau of Statistics (NBS).

The NBS disclosed this on Friday in a report on its official website, adding that the amount the NRC generated increased by 13.83 per cent compared to the N1.49b the corporation recorded in the same quarter of 2023.

The report reveals that goods and cargo revenue for the quarter amounted to N412.57 million, up from N217.6 million in Q3 2023. Income from other receipts stood at N34.7 million in the first nine months of 2024.

The NRC recorded 743,205 passengers in Q3 2024, a 25.05% increase from 594,348 in the same quarter of 2023.

The NBS in the report said 96,401 tons of goods and cargo were transported via rail in Q3 2024, compared to 69,003 tons recorded in Q3 2023.

“In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 7,320 tons, lower than 12,960 tons in Q3 2023,” the NBS added.

“In addition, revenue generated from the movement of goods/cargo via pipeline stood at N51.85 million in Q3 2024, lower than the N69.18 million reported in the corresponding period of last year.

“Other receipts amounted to N34.77 million, indicating a decrease of 70.84% in Q3 2024 from the N119.22 million received in Q3 2023.”