NRC generates N1.42 billion, N607.32 million in Q1

The Nigerian Railway Corporation (NRC) generated N1.42 billion in revenue by transporting 675,293 passengers and N607.32 million moving goods in the first quarter of 2024.

The National Bureau of Statistics (NBS), in its Q1 2024 Rail Transportation Data released, said NRC’s passenger transport revenue in Q1 2024 increased by a substantial 84.91 per cent compared to the N768.44 million generated in the same quarter of the previous year, which saw 441,725 passengers transported.

Additionally, the NBS Q1 data indicated that on a quarter-on-quarter basis, the revenue generated from passenger transport from January to March 2024 was 33.06 per cent higher than the N1, 067,915,479 recorded in the fourth quarter of 2023.

NBS report on rail operations highlighted significant improvements in the first quarter of 2024.

Further analysis of the report showed that the NRC generated N607.32 million by transporting 160,650 tonnes of goods and cargo. This volume greatly surpassed the 59,966 tons recorded in the same period in 2023, which generated N181, 270,800.

Additionally, the report showed that the revenue from moving goods and cargo in Q1 2024 was 43.50 per cent higher than the N423, 215,481 recorded in the fourth quarter of 2023.

On a year-on-year basis, the revenue increased by an impressive 235.03 per cent compared to N181, 270,800 in Q1 2023. This indicates substantial growth in the volume of goods transported and the revenue generated, reflecting improved efficiency and utilisation of the federal rail lines.

The NBS data also indicated that the NRC generated N59, 136,179 from a category, termed: ‘Pipeline’ during the first quarter of 2024.

Further, the report showed that the NRC earned N25,402,777 from other income receipts in Q1 2024, marking a 25.65 per cent decline from the N34,165,347 generated in the same quarter of 2023.

On a quarter-on-quarter basis, the revenue from other income receipts plummeted by 93.35 per cent from the N565, 843,550 recorded in Q4 2023.

Summing up all the revenue sources, including passengers, goods/cargo, pipeline, and other income receipts, the NRC generated a total of N2,112,777,594 on federal rail lines in Q1 2024.

This comprehensive revenue data highlights the critical role of the NRC in the transportation sector and highlights the organisation’s efforts to improve efficiency and revenue generation despite facing various operational challenges.