Cargo transport saw a significant rise as the Federal Government earned N1.07 billion from rail operations in the fourth quarter of 2023.
During this period, 672,198 individuals utilized rail transportation in Nigeria, generating the aforementioned revenue.
However, this amount reflects a 7.51 percent decline from the N1.15 billion generated in the same quarter of 2022, according to the National Bureau of Statistics (NBS) Q4 2023 rail transport report, released on Monday.
The report highlights a remarkable improvement in the volume of goods and cargo moved, with 119,286 tons transported compared to 53,136 tons in Q4 2022.
During this period, the nation also earned N423.22 million from the transportation of goods by rail, surpassing the N157.23 million earned in Q4 2022 by 169.16 percent.
Additionally, other receipts totaled N393.72 million, indicating a 3.02 percent increase in Q4 2023 compared to the N382.17 million collected in Q4 2022.
However, on an annual basis, there was a 32.08 percent decrease in the number of passengers transported in 2023 compared to 2021. Nevertheless, cargo volume and revenue witnessed a significant increase of 102.04% and 144.32%, respectively, compared to 2022, while passenger revenue declined by 2.64 percent in 2023.
