Railway earns N1.42bn revenue from ticket sale Q1,2024
…Foreign investments inflow record 198.06% increase – NBS
By Patience Ikpeme
Nigeria Railway Corporation (NRC) earned N1.42 billion revenue from passengers’ fare payment in the first quarter of 2024, according to National Bureau of statistics’ transportation data report.
The amount represents an increase of 84.91% from the N768.44 million recorded in the same quarter of the previous year. Similarly, N607.32 million was collected from goods/ cargo conveyed via rail in Q1 2024, up by 235.03% from N181.27 million received in Q1 2023.
In addition, revenue generated from the movement of goods/cargo via pipeline stood at N59.14 million in Q1 2024. Other receipts amounted to N25.40 million, indicating a decline of 25.65% in Q1 2024 from the N34.17 million received in Q1 2023. With respect to passengers, 675,293 passengers travelled via rail system in first quarter of 2024, relative to 441,725 reported in the corresponding quarter of 2023, indicating a growth rate of 52.88%.
However, NBS put the volume of goods/cargo transported via rail in the same period at 160,650 tons compared to 59,966 tons recorded in Q1 2023.
“In the quarter under review, the Nigerian Railway Corporation (NRC) reported an additional volume of goods/cargo transported via pipeline which stood at 8,000 tons.
Similarly volume of investment inflow into the country increased substantially in the first quarter of 2024, with the total capital importation peaking at $3.37 billion , higher than $1.13 billion recorded in Q1 2023, National Bureau of statistics’ (NBS) capital importation report confirmed.
The latest report indicates an increase of 198.06%. Compared to the preceding quarter, capital importation rose by 210.16% from $1,088.48 billion in Q4 2023.
The inflow was driven by portfolio investment which ranked top with $2. 07 billion, accounting for 61.48%, followed by other investment with $1.1 billion, accounting for 34.99%. Foreign Direct Investments ( DFIs) recorded the least with $119.18 million (3.53%) of total capital importation in Q1 2024.
The banking sector recorded the highest inflow with $2,067.44 million, representing 61.24% of total capital imported in Q1 2024, followed by the trading sector, valued at $494.93 million (14.66%), and production/manufacturing sector with US$191.92 million (5.68%).
In terms of capital importation of origin during the reference period, NBS report indicates United Kingdom tops chart with $1.05 million showing 53.49% of the total capital imported, followed by Republic of South Africa with $582.34 million (17.25%) and the Cayman Islands with $186.21 million (5.52%).
Out of the three states that recorded capital importation during the quarter, Lagos state remained the top destination with $2.782 million, accounting for 82.42% of the total capital imported followed by Abuja (FCT) with $593.58 million (17.58%), and Ekiti state with $0.01 million.
Stanbic IBTC Bank Plc received the highest capital importation into Nigeria in Q1 2024 with $1,257.38 million (37.24%), followed by Citibank Nigeria Limited $547.71 million (16.22%) and Rand Mer chant Bank Plc with$528.73 (15.66%). NBS put the total number of active voice subscribers of telecoms in Q1 2024 at 219,304,281 from the 226,161,713 reported in Q1 2023, indicating a growth rate of –3.03%. On a quarter-on-quarter basis, active voice subscribers fell by 2.41%.
“Also, in Q1 2024, the total number of active internet subscribers stood at 164,368,292 from 157,551,104 reported in Q1 2023, showing an increase of 4.33%. On quarter quarter-on-quarter basis, this grew by 0.32%”.
On state profile analysis, Lagos state had the highest number of active voice subscribers in Q1 2024 with 25,956,074, followed by Ogun with 12,672,990 and Kano with 11,931,128. On the other hand, Bayelsa recorded the least with 1,608,473, followed by Ebonyi and Ekiti with 1,885,657 and 1,969,568 respectively. In addition, Lagos state had the highest number of active internet subscribers in Q1 2024 with 18,841,943, followed by Ogun with 9,528,795 and Kano with 9,067,983. On the other hand, Bayelsa rec orded the least with 1,201,601, followed by Ebonyi and Ekiti with 1,401,626 and 1,545,729 respectively. However, MTN had the highest share of subscriptions in Q1 2024.
