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Nigeria’s Railway Revenue Hits New Heights in 2023 – NBS Report

By William Emmanuel Ukpoju

In a remarkable financial upswing, Nigeria’s railway transport system has reported a revenue generation of N6.07 billion in 2023, an 8.5% increase from the N5.5 billion recorded in 2022.

The National Bureau of Statistics (NBS) has released a comprehensive report on ‘rail transport data,’ showcasing a significant boost in the sector’s income, primarily driven by passenger and goods/cargo services.

The lion’s share of the revenue came from passenger services, amassing a substantial N4.42 billion. Goods/cargo services contributed N1.07 billion, while other income sources added N565 million to the total revenue.

A closer look at the quarterly revenue distribution reveals a varied pattern:

  • The first quarter saw revenues of N768 million from passengers, N181 million from goods/cargo, and N34 million from other sources.
  • The second quarter witnessed a leap in passenger revenue to N1.1 billion, with goods/cargo at N188 million and other income at N18 million.
  • The third quarter topped passenger revenue charts with N1.48 billion, and the fourth quarter led in goods/cargo revenue with N423 million. Other incomes for these quarters were N119 million and N393 million, respectively.

Despite the uptick in revenue, the railway system experienced a drop in passenger numbers, transporting 2,182,388 individuals in 2023, down from 3,212,948 in 2022. Conversely, the volume of transported goods/cargo surged to 317,244 tonnes, more than doubling the previous year’s figure of 157,024 tonnes.

These statistics not only underscore the growing financial health of Nigeria’s railway transport but also highlight shifting trends in passenger and cargo transport. The NBS report provides crucial insights into the evolving dynamics of this essential transport sector as it navigates through the year’s economic currents.