Revenue from rail transportation decreased year over year (YoY) by 39%, from N5.6 billion in 2021 to N4.5 billion in 2022.
Due to security concerns during that time, rail services were suspended in some areas of the nation, which may be the cause of the drop in income.
Recall that the Nigerian Railway Corporation (NRC) was compelled to halt train services between Lagos and Ibadan as a result of a security breach at the Ajaokuta train station in February 2022. Similar to March 2022, NRC also stopped operating trains after an attack on the Abuja-Kaduna train that resulted in the kidnapping of more than 160 individuals and the deaths of eight people.
The number of rail transport passengers increased YoY by 30% to 3.2 million in 2022 from 2.7 million in 2021, according to statistics from the National Bureau of Statistics (NBS) Rail Transport report for the third and fourth quarters of last year (Q3’22 and Q4’22).
According to NBS, revenue from goods and cargo increased year over year by 39% to N416.8 million in 2022 from N299.8 million in 2021. Nevertheless, the volume of goods and cargo during the time period declined by %, from 142.4 million tons in 2021 to 118.5 million tons in 2022.
Other revenue from rail transportation increased from N38.4 million in 2021 to N607.8 million in 2022, a 1,482 percent increase.
