The rail transport sector revenue surged to a commendable N6.05 billion, representing an 8.8% year-on-year (YoY) increase.
This significant growth was revealed in the latest Rail Transport report for the fourth quarter of 2023 (Q4’23), released by the National Bureau of Statistics (NBS).
According to the report, the revenue generated in 2023 includes N4.42 billion from passengers, N1.07 billion from goods and cargos, and N565.84 million from other income receipts.
This robust revenue performance reflects the resilience and adaptability of the rail transport sector amidst prevailing economic challenges.
While the overall revenue figures reflect a positive trajectory for the sector, the report also shed light on specific trends within the industry.
The number of cargos/goods transported by rail during the period stood at 317,244, while the number of passengers totaled 2.18 million.
However, it is noteworthy that in Q4’23, the number of passengers experienced a significant decline of 49.7% to 672,198, compared to the corresponding quarter of 2022.
Despite this decline in passenger numbers, the volume of goods/cargos transported witnessed a substantial increase with 119,286 tons recorded in Q4’23 compared to 53,136 tons in Q4’22.
This surge in cargo volume underscores the pivotal role of the rail transport sector in facilitating the movement of goods across the country.
In terms of revenue generation, the report indicated a decrease of 7.51% in revenue from passengers during Q4’23, while revenue from goods/cargos saw a remarkable increase of 169.16% compared to the same period in the previous year.
Also, revenue from other receipts experienced a modest increase of 3.02% during the reference period.
Looking ahead, stakeholders in the rail transport sector remain cautiously optimistic about future growth prospects.
The positive revenue trends observed in 2023 demonstrate the resilience of the sector and its capacity to adapt to evolving market dynamics.
As the Nigerian economy continues to recover and government initiatives aimed at revitalizing the transportation sector gain momentum, the rail transport industry is poised to play a pivotal role in driving economic growth and development across the nation.
