NIPOST fails to increase revenue in three consecutive years

The Nigerian Postal Services (NIPOST) failed to increase its revenue for three straight years, as turnover plummeted by 43.8 per cent between 2019 to 2022.

The service went from reporting a five-year high of N5.37 billion in 2019 to generating N3 billion last year, according to data released by the National Bureau of Statistics (NBS) on Monday.

The data showed that NIPOST had been unable to repeat the feat reported five years ago as the total number of Post Offices and Postal Agencies, as well as boxes installed dropped over the years.

NBS noted that the income posted last year fell below the N3.6 billion reported in 2021.

A breakdown of the revenue grossed in 2022 showed that EMS/Speedpost business accounted for N838.8 million, below the N1.2 billion reported in 2021, while Courier Companies licence fees generated N209.7 billion, up from N25.2 million the year before.

The 800 per cent increase shows that NIPOST is largely dependent on income from its charges on private couriers’ operations, as delivery services expand from four-wheel to motorcycles.

Also, N323.5 million was generated from the Business Venture Service. This revenue source increased from N8.2 million, according to the statistics bureau.

The NBS further revealed that: “The total number of Post Offices and Postal Agencies decreased by 19.43% from 2,794 in 2021 to 2,251 in 2022.

“The total number of boxes installed in 2022 was 836,731, showing a decrease of 0.08% from 837,428 in 2021.”

In the report, it was also said that: “The total number of PMBs available in 2022 stood at 20,775, showing a fall of 8.44% from 22,689 in 2021.

“The total number of postal articles handled in 2022 increased by 102.05% from 17.7 million in 2021 to 35.7 million in 2022.

“Lagos state had the highest number of boxes installed in 2022 with 143,416, while Jigawa recorded the least with 1,800.”

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