2024 passenger revenue is on track to be highest in the last two years

Key takeaways

Train passenger revenue in 2024 reached ₦4.8 billion naira by Q3, already surpassing 2023’s total revenue of ₦4.43 billion.
The lowest passenger count was recorded in 2020 at 1.02 million, due to pandemic-related restrictions, but revenue still stood at ₦1.75 billion.
The highest revenue in the last six years was in 2021, reaching ₦5.70 billion, with 3.21 million passengers contributing to the surge.
Passenger numbers peaked in 2021 at 3.21 million and have steadily declined since, dropping by over one million passengers in just three years.

Nigeria’s railway revenue is on track for a strong recovery, with ₦4.8 billion naira already generated in the first three quarters of 2024, surpassing 2023’s total earnings. However, passenger numbers have steadily declined from a peak of 3.21 million in 2021 to 2.11 million in 2024, suggesting that higher ticket prices or operational changes are driving revenue growth despite lower ridership. The lowest passenger count was recorded in 2020 at 1.02 million, mainly due to COVID-19 disruptions, but revenue still reached ₦1.75 billion.

The railway system’s best financial year was in 2021, when it recorded ₦5.70 billion in revenue from passenger operations, fueled by high ridership. Since then, fewer passengers have used the trains, but earnings have remained relatively stable, pointing to evolving pricing strategies or improved efficiency. Addressing passenger decline while sustaining revenue growth will be key to the long-term viability of Nigeria’s railway sector.

Source:

National Bureau of Statistics

<div style="text-align: center;"><a href="https://intelpoint.co/insights/2024-passenger-revenue-is-on-track-to-be-highest-in-the-last-two-years/" title="2024 passenger revenue is on track to be highest in the last two years"><img src="https://intelpoint.co/wp-content/uploads/2025/02/Passenger-revenue-and-count-on-Nigerias-railways.webp" style="width: 80%; height: auto; max-width:960px;-ms-interpolation-mode: bicubic; margin: 0 auto; display: block;" alt="Chart: 2024 passenger revenue is on track to be highest in the last two years"/></a><br><span>Find more insights at <a href="https://intelpoint.co/insights?utm_source=Insight%20Embed&utm_medium=HTML&utm_campaign=2024+passenger+revenue+is+on+track+to+be+highest+in+the+last+two+years" target="_blank" style="color: #4f9acc; text-decoration: none;">Intelpoint</a>.</span></div>Copied to clipboard!

Period:

2019-2024

HTML code to embed chart

Want a bespoke report?

Reach out

Related Insights

Nigerian's rail cargo volume has increased by 467% since 2020, reflecting growing trust in train transport

2024 was the strongest year on record, with 495.6k tons of cargo transported, more than 60% higher than 2023 and ₦1.95 billion in freight revenue.
Cargo volume and revenue both crashed in 2020 due to COVID-19 disruptions, falling to 87.4k tons and ₦281.4 million respectively.
Recovery began in 2021–2022, as improved freight operations and industrial demand pushed steady gains in both tonnage and income.
Q1 2025 shows 181.5k tons and ₦650m (approx.) in revenue, signaling strong momentum that could surpass 2024 totals if maintained.

Nigeria’s rail revenue from passengers hit ₦6.7b in 2024 as traffic rebounded above 3million

2020 marked the lowest point for both passenger volume (1.02 million) and revenue (₦1.7 billion), reflecting the full impact of COVID-19 lockdowns.
Strong recovery followed in 2021, with passenger numbers jumping to 2.71 million and revenue surging by 226% to ₦5.6 billion.
2024 was the best-performing year, recording ₦6.7 billion in revenue and 3.14 million passengers, a clear sign of renewed public confidence in rail transport.
Q1 2025 (₦1.9 billion revenue, 929,000 passengers) suggests steady ridership levels but moderate momentum compared to the 2024 surge.

Number of road accidents by geopolitical zone in Nigeria (Cumulative, Q3 2020-Q3 2024)

The North Central zone accounts for the highest share of road accidents in Nigeria, contributing 34.55% of the national total.
Within the North Central zone, Abuja (FCT) recorded the most accidents, with a cumulative total of 8,133 cases.
The South West zone ranks second, responsible for 25.78% of all accidents nationwide, with Ogun State leading the zone at 6,418 accidents.
The South East zone has the lowest share, contributing just 5.38% of total accidents from Q2 2020 to Q2 2024.
Enugu State, the highest contributor within the South East, accounts for only 1.59% of the national total.

South Africa runs Africa’s longest rail network at 20,986km, while Nigeria trails 9th with 3,798km

South Africa leads the continent with a vast 20,986km rail network, nearly triple the size of Sudan’s, the second-largest.
Nigeria’s rail infrastructure measures 3,798km, ranking it behind Kenya (3,819km) and DR Congo (4,007km).
North African countries like Egypt and Algeria maintain significant rail mileage, exceeding 4,000km each.
Southern Africa dominates the top five, with Mozambique and Zimbabwe also featuring prominently.

Cars lead in road traffic crashes, while luxury bus accidents surge by 466.7% over four years

Cars were involved in the highest number of road accidents, recording 665 cases over the four-year period.
Luxury buses and bicycles recorded the highest quarter-on-quarter (QoQ) growth in accident involvement.
Tankers, cars, and motorcycles saw the sharpest QoQ declines, with accident rates falling by 47.2%, 30.6%, and 24.7% respectively.

Nearly 30% of road accidents recorded in Nigeria between Q3 2020 and Q3 2024 occurred in FCT, Ogun, and Nasarawa

FCT, Ogun, and Nasarawa consistently rank as the top three states with the highest number of road accidents.
The FCT recorded its peak accident figures in 2022, particularly in Q2 (842 cases) and Q4 (864 cases).
In Q2 and Q3 of 2024, Ogun State surpassed the FCT in the number of reported accidents.
Across these three states, there has been a notable decline in accident numbers, with an average decrease of approximately 37.6% between Q2 and Q3 2024.