Rail transport revenue grew by 122 percent, Year-on-Year, YoY to N2.11 billion in the first quarter of 2024 (Q1'24) from N949.94 million in the first quarter of 2023 (Q1'23).

Data from the National Bureau of Statistics , NBS, Rail transport report for Q1'24 released Monday, showed that the N2.11 billion revenue comprises N1.42 billion from passengers, N607.32 million from goods/cargo, N59.14 million from goods/cargo via pipeline and N25.4 million from other receipts.

NBS stated: "In terms of revenue generation, N1.42 billion was received from passengers during the reference period, showing an increase of 84.91 percent from the N768.44 million recorded in the same quarter of the previous year.

"Similarly, N607.32 million was collected from goods/cargo conveyed via rail in Q1'24, up by 235 percent from N181.27 million received in Q1'23.

"In addition, revenue generated from the movement of goods/cargo via pipeline stood at N59.14 million in Q1'24.

"Other receipts amounted to N25.40 million, indicating a decline of 25.7 percent in Q1'24 from the N34.2 million received in Q1'23."

According to NBS, a total of 675,293 passengers travelled via rail system in Q1'24 relative to 441,725 reported in the corresponding quarter of 2023, indicating a growth rate of 53 percent.

It added: "The volume of goods/cargo transported via rail in Q1'24 stood at 160,650 tons compared to 59,966 tons recorded in Q1'23.

"In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 8,000 tons."