Revenue from Rail transport increasedto ₦1.69bn in Q2 2024, a 53.14% rise from ₦1.10bn in the same period of 2023, according to the National Bureau of Statistics.
The report shows that 689,263 passengers used the rail system in Q2, marking a 45.38% growth from 474,117 in 2023.
Freight transport also saw growth, with 143,759 tons of goods moved by rail in Q2 2024, up from 56,936 tons the previous year.
Revenue from goods conveyed via rail surged by 206.68%, reaching ₦537.36m, while pipeline transport contributed ₦42.08m. Other revenue sources saw a massive increase, hitting ₦994.68m.
Despite this progress, Nigeria’s railway debt servicing in Q1 2024 was significantly higher, at 2,470% more than revenue earned from rail services.
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