February 29, 2024

Maritime Today Online

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Rail transport revenue drops 21% to N4.5bn

Rail transport revenue drops 21% to N4.5bn

Revenue generated from rail transportation fell by 39 percent, year-on-year (YoY) to N4.5 billion in 2022 from N5.6 billion in 2021.

The decline in revenue may be attributed to suspension of rail services in parts of the country due to security challenges during the period.

Recall that due to a security breach at the Ajaokuta train station in February 2022 the Nigerian Railway Corporation (NRC) was forced to suspend Lagos-Ibadan and Ajaokuta train services.

Similarly in March 2022, NRC also suspended rail operations due to an attack on the Abuja-Kaduna train which saw the kidnap of over 160 persons and the death of eight people.

However, data from the National Bureau of Statistics (NBS) Rail Transport report for third and fourth quarters of last year (Q3’22 and Q4’22) showed that the number of rail transport passengers rose YoY by 30 percent to 3.2 million in 2022 from 2.7 million in 2021.

NBS also said that revenue generated from goods/cargo rose by 39 percent YoY to N416.8 million in 2022 from N299.8 million in 2021. However, the number of goods\cargo within the period decreased by percent to 118.5 million tons in 2022 from 142.4 million tons in 2021.

Other income receipts from rail transport stood at N607.8 million in 2022 representing a 1,482 percent increase from N38.4 million in 2021.

 

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