The latest data from the National Bureau of Statistics reveal Nigerian Postal Service (NIPOST) reported revenues of N3 billion in 2022.
This represents a 17% decline from the N3.6 billion reported in 2021 the data revealed. Nipost decline has been on a decline since 2019 when it reported a 5-year high of N5.37 billion.
Since then, its revenues have been on the decline now dropping by a whopping 44% in 5 years.
A cursory review of the data reveals its EMS/Speedpost business was its major income generator contributing N838.8 million to revenues. However, this is a massive decline from the N1.2 billion reported a year earlier and N1.9 billion 5 years earlier.
However, Nipost reported that it generated N209.7 billion from Courier Companies licence fees a whopping 800% increase from N25.2 million a year earlier.
The division produced just N12 million 5 years ago buttressing a surge in courier services provided by private businesses. NIPOST charges them a fee as the regulator cum competitor.
Another major revenue earner for NIPOST was its Business Venture Service which grew 38x from N8.2 million to N323.5 million.
Other key highlights
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.
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.
Nipost also reported that it handled a total of 35,676,118 domestic and international mains out of which 19,463,153 were mails received from abroad and delivered to Nigeria.
Former communications minister under the Buhari Government, Dr Isa Patami stated the government had policies to transform NIPOST which includes unbundling it.
According to him, the unbundling will create three new companies: NIPOST Transport and Logistics, NIPOST Properties and Development, and NIPOST Microfinance Bank.
He said the aim was to make NIPOST more efficient, profitable, and competitive in the digital age.
He also said the government was working on a new postal reform bill that would address some of the challenges facing NIPOST such as outdated laws, overlapping functions and lack of autonomy.
Download Nairametrics App for breaking news and market intelligence.