Data released by the National Bureau of Statistics (NBS) reveals a significant 44% decline in revenue for the Nigerian Postal Service (NIPOST) over a four-year period.
In 2022, NIPOST generated N3.01 billion in revenue, representing a sharp decrease from the N5.37 billion recorded in 2019, as reported in the recently released 2022 postal services data by the NBS on Monday.
The data indicates that the total revenue derived from postal activities in 2022 fell by 17.05%, dropping from N3.63 billion in 2021 to N3.01 billion in 2022. This decline is even more striking when compared to the 2019 revenue, reflecting a substantial 44% decrease.
The agency reported that Nigeria had 2,794 post offices and postal agencies in 2021. However, by 2022, this number had decreased by 19% to 2,251.
Despite the reduction in the number of post offices, the bureau noted that the number of mail items received from abroad and delivered in Nigeria increased significantly by 107%, rising from 9.4 million in 2019 to 19.5 million in 2022.
Further analysis reveals that revenue from Postcash, an electronic money order service facilitating nationwide and worldwide money transfers, increased dramatically by 3,424% from N458,546 in 2019 to N16.16 million in 2022.
In August 2021, the federal government unveiled plans to unbundle NIPOST into three viable subsidiary companies: a property company, a microfinance bank, and a transport and logistics company.
In an effort to revamp the agency, numerous changes were implemented, leading NIPOST workers to embark on a protest in January of this year due to perceived “irregularities” in the ongoing reform and commercialization of the agency.
The protesting workers, organized under the Senior Staff Association of Statutory Corporations and Government-Owned Companies (SSASCGOC) and the National Union of Postal and Telecommunications Employees (NUPTE), alleged that the reform process lacked transparency.
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