The Nigerian Railway Corporation (NRC) has marked a significant milestone in its financial performance for the year 2023, boasting an impressive 8.5 percent increase in revenue compared to the previous year.
According to recent data released by the National Bureau of Statistics (NBS), the NRC reported a total revenue of N6,071,629,721 from its operations in passenger and cargo transport, as well as other income sources.
The NBS report highlights key insights into the NRC’s revenue streams throughout the four quarters of 2023. Passenger transport contributed substantially to the corporation’s earnings, with revenues ranging from N768,438,658 in Q1 to N1,067,915,479 in Q4.
Despite a slight decrease in the number of passengers transported in 2023 compared to the previous year, the NRC managed to capitalise on increased cargo transport, generating N1,079,290,411 from moving 317,244 tonnes of goods, a significant surge from the N441,744,944 recorded in 2022.
The quarterly analysis underscores a steady growth trajectory in cargo revenue, with Q4 witnessing a remarkable N423,215,481 earned from transporting 119,286 tonnes of cargo. Furthermore, non-passenger and cargo transport income sources contributed significantly to the NRC’s revenue, totalling N393,718,250 in Q4 alone.
Despite facing operational challenges and fluctuations in passenger numbers, the NRC’s strategic focus on diversifying its revenue streams and optimising cargo transport has proven fruitful, culminating in a notable revenue milestone in 2023. As Nigeria continues to invest in its railway infrastructure, the NRC remains poised to play a pivotal role in driving economic growth and connectivity across the nation.
