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In 2023, the Nigerian Railway Corporation (NRC), a government-owned entity responsible for operating the country’s railways, reported a revenue of N6,071,629,721 from passenger and cargo transport as well as other sources of income.
This figure marks an 8.5% increase compared to the N5,595,887,662 recorded in 2022.
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Data on the 2023 revenue generated by the NRC was obtained by Nairametrics from the National Bureau of Statistics (NBS) Rail Transportation Data report for Q4 2023, which was recently published on the NBS website.
According to the NBS report, in 2023, the NRC generated N4,426,495,760 by transporting 2,182,388 passengers. This was slightly lower than the N4,546,342,056 generated from transporting 3,212,948 passengers in 2022.
Additionally, in 2023, the NRC generated N1,079,290,411 from transporting 317,244 tonnes of goods, a significant increase from the N441,744,944 generated from transporting 157,024 tonnes of goods in 2022.
Revenue from non-passenger and cargo transport sources amounted to N565,843,550 in 2023, showing a slight decrease from the N607,800,662 generated in 2022.
Quarterly Revenue Analysis for 2023:
Nairametrics conducted a detailed analysis of the revenue generated by the NRC in each quarter of 2023, based on the NBS Rail Transportation Data report.
In Q1 2023, the NRC generated N768,438,658 from passenger transport, transporting 441,725 passengers. This revenue increased to N1,100,941,295 in Q2 2023, with 474,117 passengers transported. In Q3 2023, the NRC transported 594,348 passengers, generating N1,489,200,328. Finally, in Q4 2023, the passenger count increased to 672,198, with revenue of N1,067,915,479.
Regarding cargo revenue in 2023, the NRC generated N181,270,800 in Q1 for transporting 59,966 tonnes of cargo. This increased slightly to N188,028,350 in Q2 for 56,029 tonnes of goods. Q3 saw further growth, with N286,775,780 generated from moving 81,963 tonnes of goods. Finally, in Q4, the NRC earned N423,215,481 from a total cargo volume of 119,286 tonnes.
In terms of revenue from non-passenger and cargo transport sources, the NRC recorded N34,165,347 in Q1, N18,743,939 in Q2, a significant increase to N119,216,014 in Q3, and N393,718,250 in Q4.
