Nigeria Railways records 103% rise in revenue to N1.89 billion Q3, 2023

Date:

January 29, 2024.

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Azonuchechi Chukwu.

In the third quarter of 2023, the Nigeria Railway Corporation (NRC) collected around N1.895 billion in revenue from passenger and cargo transports.

This represents an increase of 103.1% increase from N933 million recorded in the corresponding quarter of 2022.

This is according to the latest NBS Rail transport data for July, August and September 2023.

According to the report, the NRC generated N1.49 billion from passengers during the period and recorded N286.78 million from cargo/goods.

Furthermore, there were additional receipts totalling N119.22 million, reflecting a 1.05% increase in Q3 2023 compared to the N117.98 million collected in Q3 2022.

When compared on a quarter-on-quarter basis, revenues from rail transport increased by 57.13% from N1.206 billion generated in the second quarter of 2023 to N1.89 billion for the third quarter.

A breakdown of the figures reveals that revenues from passenger transport rose from N1.10 billion to N1.48 billion.

Also, receipts from cargo/goods transport for the second quarter increased from N188 million to N286 million from the second quarter to the third quarter.(www.naija247news.com).

Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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