The Nigerian train system earned N1.69 billion in passenger revenue during the second quarter of 2024, up 53.14 percent from the N1.10 billion recorded during the same period in 2023.
The National Bureau of Statistics reported that 689,263 passengers traveled by rail in Q2, compared to 474,117 passengers in the equivalent quarter of 2023, showing a growth rate of 45.38 percent.
Rail traffic also increased significantly; in Q2 2024, 143,759 tonnes were handled, compared to 56,936 tonnes in Q2 2023.
In addition, the Nigerian Railway Corporation announced that in Q2 2024, 5,940 tonnes of cargo were moved through pipelines, up from 2,856 tonnes in the same time the year before.
In Q2 2024, revenue from commodities transported by rail totaled N537.36 million, a stunning 206.68 percent increase from N175.22 million in Q2 2023. Revenue generation was further aided by the flow of products through pipelines, with N42.08 million being collected in Q2 2024 as opposed to N12.81 million in Q2 2023.
In Q2 2024, other revenue receipts totaled N994.68 million, a startling rise of 5,206.68 percent over the N18.74 million reported at the same time the previous year.
