Nigeria: NIPOST's revenue continued to decline in 2022

Between 2017 and 2022, the Nigerian Postal Service (NIPOST) recorded 1.4% revenue growth only in 2018. NIPOST's revenue has gradually declined from ₦8.8 billion in 2016 to ₦3 billion in 2022, representing a 66% drop. Here are NIPOST's revenues since 2016.

Source:

National Bureau of Statistics

Period:

2016 - 2022
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Anambra State records the highest average intercity bus fare at ₦9,862, exceeding the lowest (Kwara) by a substantial ₦3,871
  • Anambra has the highest intercity transport fare at ₦9,862, exceeding the national average by ₦1,857.
  • Kwara recorded the lowest fare at ₦5,991, a difference of nearly ₦3,900 from Anambra.
  • The national average fare for intercity bus travel stood at ₦8,005 as of July 2025.
  • Imo (₦9,710) and Oyo (₦9,708) followed closely behind Anambra, rounding out the top three highest-fare states.
  • The South West (₦8,570) and South East (₦8,547) were the most expensive regions for intercity bus travel.
Lagos State has the highest average intra-city bus fare in Nigeria at ₦1,384, exceeding the national average by over ₦355
  • Lagos State tops the list with the highest intra-city bus fare at ₦1,384, exceeding the national average by ₦355.
  • Abia State recorded the lowest average fare at ₦508, showing a stark difference of ₦876 between the highest and lowest states.
  • The national average fare for a bus trip within Nigerian cities stood at ₦1,028.40 as of July 2025.
  • Nasarawa (₦1,306) and Enugu (₦1,280) followed closely behind Lagos State, rounding out the top three highest fares.
  • The South West had the highest regional average fare (₦1,116), while the South South (₦985) and North West (₦995) had the lowest.
  • States like Taraba (₦1,250) and Zamfara (₦1,248) also featured in the top six, showing that high fares are not limited to Southern urban centres.
 
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.
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