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NRC achieved 8.5% revenue growth in 2023, generating over ₦6 billion from rail operations

In 2023, the Nigerian Railway Corporation (NRC), the federal government-owned enterprise with exclusive rights to operate Nigeria’s railways, generated ₦6,071,629,721 in revenue from passenger and cargo transport and other income sources.

This represents an 8.5% increase compared to the ₦5,595,887,662 recorded in 2022.

NewsTimes obtained data on the 2023 revenue generated by the Nigeria Railway Corporation (NRC) from the National Bureau of Statistics (NBS) Rail Transportation Data report for Q4 2023, recently published on the NBS website.

According to the NBS report, NRC generated N4,426,495,760 in 2023 by transporting 2,182,388 passengers. This is slightly less than the N4,546,342,056 generated from moving 3,212,948 passengers in 2022.

In 2023, the Nigerian Railway Corporation (NRC) generated ₦1,079,290,411 from transporting 317,244 tonnes of goods, which was significantly higher than the ₦441,744,944 it generated from moving 157,024 tonnes of goods in 2022.

The Nigerian Railway Corporation (NRC) generated ₦565,843,550 from non-passenger and cargo transport income sources in 2023, a slight decrease from the ₦607,800,662 generated in 2022.

Quarterly revenue analysis of NRC in 2023

  • Based on the National Bureau of Statistics (NBS) Rail Transportation Data report, NewsTimes offers a detailed analysis of the revenue generated by the Nigerian Railway Corporation (NRC) across the four quarters of 2023.
  • In Q1 2023, the Nigerian Railway Corporation (NRC) generated ₦768,438,658 from passenger transport, moving 441,725 passengers. In Q2 2023, the revenue increased to ₦1,100,941,295 with 474,117 passengers transported. In Q3 2023, the Nigerian Railway Corporation (NRC) transported 594,348 passengers, generating ₦1,489,200,328. For Q4 2023, the passenger count increased to 672,198, with revenue of ₦1,067,915,479.
  • In the 2023 quarterly analysis of cargo revenue, the Nigerian Railway Corporation (NRC) generated ₦181,270,800 in Q1 for transporting 59,966 tonnes of cargo. In Q2, revenue increased slightly to ₦188,028,350 for 56,029 tonnes of goods. Q3 saw further growth, with ₦286,775,780 generated from moving 81,963 tonnes of goods. The trend continued in Q4, with NRC earning ₦423,215,481 from a total cargo volume of 119,286 tonnes.
  • In 2023, concerning revenue from non-passenger and cargo transport sources, the Nigerian Railway Corporation (NRC) recorded ₦34,165,347 in Q1, ₦18,743,939 in Q2, a significant increase to ₦119,216,014 in Q3, and ₦393,718,250 in Q4.

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