Nigeria’s rail transport sector has recorded significant growth, with revenue surging 53% to N1.69 billion in the second quarter of 2024. This development underscores the potential of Nigeria’s rail transport sector.
According to the National Bureau of Statistics (NBS), passenger traffic increased by 25% during the same period. The NBS attributed the growth to improved infrastructure and services.
Industry experts predict continued growth, citing the federal government’s investments in rail infrastructure. “The rail sector is poised for exponential growth,” said Segun Adeniyi, a transport consultant.
The revenue surge is expected to boost Nigeria’s economic development and create employment opportunities. The rail transport sector’s growth will also reduce the burden on the country’s roads.
Furthermore, the federal government’s efforts to expand the rail network will increase access to remote areas, promoting economic development. This growth is a testament to the government’s commitment to infrastructure development.
