More Nigerians Embrace Rail Transport As Revenue Jumps By 53% To ₦1.69bn Q2— NBS

More Nigerians are beginning to embrace the rail transportation system as revenue rose to ₦1.69bn in the second quarter of 2024, reflecting a 53.14 per cent increase compared to the ₦1.10bn recorded in the same period of 2023.

This data was disclosed by the National Bureau of Statistics in its report released on Thursday.

In 2023, the Nigerian Railway Corporation generated ₦1.07bn as revenue from passengers.

According to the report, a total of 689,263 passengers travelled by rail in Q2, representing a growth rate of 45.38 per cent compared to 474,117 passengers in the corresponding quarter of 2023.

The volume of goods transported via rail also saw a significant increase, with 143,759 tons moved in Q2 2024, up from 56,936 tons in Q2 2023.

The Nigerian Railway Corporation recorded record revenues of ₦2.12bn in the first half of 2021, an increase of 31 per cent over the same period in 2019, which recorded the previous record revenue.

At the same time, revenue from freight transport was down, with gains coming mainly from passenger transport between Lagos and Ibadan on the new standard gauge.