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NRC Nets ₦1.08bn In Three Months, As Nigerians Increase Spendings On Railway

The use of train by Nigerians rose in Q2 2021, with passenger traffic hitting 422.35 percent growth year-on-year as operation of the railway sector exited COVID-19 grip.

In Q2 last year, the Nigerian Railway Corporation (NRC) recorded 108,238 passengers, but railway traffic rose to
565,385 passengers in Q2 2021.

On a quarter-on-quarter basis, the passengers travel rate grew by 33.20 percent as Q1 2021 recorded 424,460 passengers, National Bureau of Statistics (NBS) Rail Transportation Data Q2 report showed.

Revenue generated during Q1 to Q2 periods

The NRC generated N2.1 billion between First Quarter 2021 to Second Quarter same year, with the former grossing N892.47 million, while the latter earned N1.08 billion from passengers.

The COVID-19 and lockdown period had heavily impacted on the turnover of the NRC, as the government restricted
railway movement, alongside airspace and road transport.

During the thick period of the pandemic, April to June (Second Quarter 2020), was when NRC recorded its lowest passenger revenue of N320.34 million, while Q2 2021 generated the highest, which is N1.08 billion.

Meanwhile, receipts from non-passenger business, Goods and cargo, generated N71.56 million and N26.19 million in Q2 2021 and Q1 2021 respectively.

Other income generated by NRC in the last six months was put at N41 million. The year-on-year and quarter-on-quarter revenue growth reflects the recovery of the railway sector from the negative impact of COVID-19.

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