Rail passenger revenue grew by 19 percent, Quarter-on-Quarter, (QoQ)) to N1.69 billion in the second quarter of 2024 (Q2'24) from N1.42 billion in the first quarter of 2024 (Q1'24)

The National Bureau of Statistics (NBS) disclosed this in its Rail Transportation report for Q2'24 released yesterday.

The report also showed that N537.35 million was collected from goods/cargo that were conveyed via rail in Q2'24, indicating a 11.5 percent decline from N607.32 million received in Q1'24.

NBS stated: "In addition, revenue generated from the movement of goods/cargo via pipeline declined by 28.8 percent from N59.14 million in Q1'24 to N42.08 million in Q2'24

"In Q2'24, a total of 689,263 passengers traveled via rail system relative to 474,117 reported in the corresponding quarter of 2023, indicating a growth rate of 45.38 percent.

"The volume of goods/cargo transported via rail in Q2'24 stood at 143,759 tons compared to 56,936 tons recorded in Q2'23.

"In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 5,940 tons, higher than 2,856 tons in Q2'23.

"In terms of revenue generation, N1.69 billion was received from passengers during the reference period, showing an increase of 53.14 percent from the N1.10 billion recorded in the same quarter of the previous year.

"Similarly, N537.36 million was collected from goods/cargo conveyed via rail in Q2'24, up by 206.68 percent from N175.22 million received in Q2'23.

"In addition, revenue generated from the movement of goods/cargo via pipeline stood at N42.08 million in Q2'24, higher than the N12.81 million reported in the corresponding period of last year".