Here’s a clear, engaging, and well-structured news article on the Nigerian rail system’s revenue growth:

Nigerian Rail System Sees Significant Revenue Boost in Second Quarter of 2024

The Nigerian rail system has recorded a significant increase in revenue in the second quarter of 2024, with passengers generating N1.69 billion, a 53.14 per cent growth compared to the N1.10 billion recorded in the same period of 2023. According to the National Bureau of Statistics, this increase is a result of a 45.38 per cent growth in passenger traffic, with 689,263 passengers traveling by rail in Q2, up from 474,117 passengers in the same quarter of the previous year.

The growth in passenger traffic has led to an increase in revenue from goods transported via rail, which stood at N537.36 million in Q2 2024, a remarkable 206.68 per cent increase compared to N175.22 million in Q2 2023. Additionally, the Nigerian Railway Corporation reported a volume of 5,940 tons of goods transported through pipelines in Q2 2024, an increase from the 2,856 tons recorded in the same period of the previous year. This growth in goods transported through pipelines also contributed to revenue generation, with N42.08 million collected in Q2 2024, compared to N12.81 million in Q2 2023.

Other revenue receipts also saw a significant increase, with N994.68 million recorded in Q2 2024, representing a staggering 5,206.68 per cent increase from the N18.74 million recorded in the same period of last year. This growth is a significant improvement from the first quarter of 2024, when Nigeria spent more on servicing the debt incurred for building its railways than the revenue generated by its railway system. In Q1 2024, Nigeria spent 2,470 per cent more on railway debt servicing than it made from revenue from rail services.

The growth in revenue is a welcome development for the Nigerian Railway Corporation, which generated N1.07 billion as revenue from passengers in 2023. This growth is a testament to the corporation’s efforts to improve its services and increase revenue.

The increase in revenue from the Nigerian rail system is expected to have a positive impact on the country’s economy, providing an additional source of revenue for the government and creating jobs for the people. The growth is also expected to attract more investors to the sector, leading to further expansion and development of the rail system.