Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 37)

Data on rail transportation showed that a total of 565,385 passengers travelled via the rail system in Q2 2021. This figure, when compared to 108,238 passengers recorded in Q2 2020 and 424,460 in Q1 2021, represents 422 percent year-on-year and 33 percent quarter-on-quarter growth respectively.1 A total volume of 42,782 tons of goods/cargo also travelled through the system in Q2 2021, which is a 392 percent growth over the 8,691 tons recorded in Q2 2020, and 307 percent increase over the 10,511 tons recorded in Q1 2021. The corresponding revenue generated from passengers in the period under review was put at N1 billion as against N893 million in Q1 2021; and the revenue generated from goods/cargo was put at N72 million as against N26 million in Q1 2021. The data indicates the growing demand for rail transportation in Nigeria post COVID-19 and the government’s efforts to revive the railway industry. The convenience, affordability, and safety of railway transportation implies that expanding coverage through public and private investment and partnership will promote economic activities and growth.

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