In 2023, the Nigerian Railway Corporation (NRC), the federal government-owned enterprise with exclusive rights to operate Nigeria’s railways, generated N6,071,629,721 in revenue from passenger and cargo transport and other income sources. This represents an 8.5% increase compared to the N5,595,887,662 recorded in 2022.
Passenger and Cargo Transport: NRC generated N4,426,495,760 in 2023 by transporting 2,182,388 passengers, slightly less than the N4,546,342,056 generated from moving 3,212,948 passengers in 2022. Additionally, NRC generated N1,079,290,411 from transporting 317,244 tonnes of goods in 2023, significantly higher than the N441,744,944 generated from moving 157,024 tonnes of goods in 2022.
Other Income Sources: NRC generated N565,843,550 from non-passenger and cargo transport income sources in 2023, a slight decrease from the N607,800,662 generated in 2022.
Quarterly Revenue Analysis:
- Q1 2023: Revenue from passenger transport was N768,438,658 with 441,725 passengers transported.
- Q2 2023: Revenue increased to N1,100,941,295 with 474,117 passengers transported.
- Q3 2023: NRC transported 594,348 passengers, generating N1,489,200,328.
- Q4 2023: Passenger count increased to 672,198, with revenue of N1,067,915,479.
Cargo Revenue Analysis:
- Q1 2023: NRC generated N181,270,800 for transporting 59,966 tonnes of cargo.
- Q2 2023: Revenue increased slightly to N188,028,350 for 56,029 tonnes of goods.
- Q3 2023: Further growth saw N286,775,780 generated from moving 81,963 tonnes of goods.
- Q4 2023: NRC earned N423,215,481 from a total cargo volume of 119,286 tonnes.
Revenue from Non-Passenger and Cargo Transport Sources:
- Q1 2023: NRC recorded N34,165,347.
- Q2 2023: N18,743,939.
- Q3 2023: A significant increase to N119,216,014.
- Q4 2023: N393,718,250.
Source: Nairametrics