Nigeria’s rail transportation system maintained a steady growth in revenue over the last year, recording a total of $5.6 million (N2.3 billion) between April 2020 and March 2021. Data released by the National Bureau of Statistics (NBS) revealed that the revenue was generated from passenger and cargo movement across the country.
However, the revenue from cargo is a miniscule part of the total revenue, indicating that the country is yet to fully explore the rail system for cargo movement. According to the NBS data, a total of NN2 billion was generated from passengers movement in the 12-month period, while cargo revenue stood at around N300 million. An analysis of the data showed that the Nigerian Railway Corporation generated N387 million in Q2’20. In the third quarter of the year, the revenue stood at N465 million, while the corporation generated N482 million in the fourth quarter of the year. In Q1’21, the revenue from rail transportation surged to an all-time high as the corporation recorded N927 million in the period…
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