Rail Transport Services in Nigeria Generate Record Revenue in Q3 2024

Rail Transport Services in Nigeria Report ₦1.70bn Revenue for Q3 2024. This was reported by the railway transport news portal Railway Supply.

Rail transport services in Nigeria achieved ₦1.70bn in revenue during Q3 2024, reflecting a 13.83% increase compared to the same quarter last year.

Increased Passenger Numbers and Freight Volumes

The latest report from the National Bureau of Statistics (NBS) highlights remarkable growth in rail transport services in Nigeria. Passenger numbers rose to 743,205, up by 25.05% from Q3 2023, showcasing the system’s growing popularity.

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In terms of freight, the volume of goods transported via rail reached 96,401 tons, marking a 39.73% increase compared to 69,003 tons in the previous year. This surge reflects improved efficiency and greater trust in rail as a reliable cargo option.

Revenue Insights for Rail Transport Services in Nigeria

The Nigeria Railway Corporation (NRC) reported a significant rise in revenue across multiple streams. Passenger services contributed ₦1.70bn, while freight services generated ₦412.5m, representing an 89.6% increase from Q3 2023.

Pipeline cargo revenue, however, fell to ₦51.85m, down by 25.06% compared to ₦69.18m in Q3 2023. Other income sources saw a steep decline, with receipts dropping by 70.84% to ₦34.7m.

Source, photo: www.ripplesnigeria.com

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