An Assessment of the Financial Sustainability of Transportation Companies: A Case Study of Nigerian Railway Corporation
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Background of the Study
Transportation companies play a critical role in facilitating economic growth, connectivity, and commerce. However, financial sustainability remains a pressing challenge for many public transportation companies in Nigeria, particularly the Nigerian Railway Corporation (NRC). With increasing operational costs, aging infrastructure, and competition from other modes of transportation, achieving long-term financial viability has become a central concern (Okeke & Ibrahim, 2023).
The NRC, as one of Nigeria's oldest transportation entities, has faced challenges such as insufficient revenue generation, dependency on government subsidies, and maintenance costs. This study examines the financial sustainability of the NRC, evaluating its revenue streams, cost management strategies, and funding mechanisms.
Statement of the Problem
Despite the vital role of rail transportation, the NRC has struggled with financial instability, stemming from low patronage, inefficient management, and inadequate investment in modern infrastructure (Adeyemi et al., 2024). The reliance on government funding raises questions about the corporation’s ability to sustain its operations independently.
Limited research has explored the specific factors affecting the NRC’s financial sustainability, creating a need for an in-depth assessment of its operational and financial strategies to ensure its long-term viability.
Objectives of the Study
- To evaluate the financial sustainability of the Nigerian Railway Corporation.
- To identify key challenges affecting the NRC’s revenue generation and cost management.
- To recommend strategies for improving the NRC’s financial sustainability.
Research Questions
- What factors influence the financial sustainability of the Nigerian Railway Corporation?
- What are the challenges faced by the NRC in revenue generation and cost management?
- What strategies can improve the financial sustainability of the NRC?
Research Hypotheses
- Financial sustainability in the NRC is significantly influenced by operational efficiency and funding mechanisms.
- Revenue generation challenges adversely impact the financial stability of the NRC.
- Strategic financial management can enhance the sustainability of the NRC.
Scope and Limitations of the Study
The study focuses on the financial performance of the NRC from 2023 to 2025, examining its revenue streams, expenditure patterns, and funding sources. Limitations include access to financial data and external factors such as economic conditions.
Definitions of Terms
- Financial Sustainability: The ability of an organization to generate sufficient revenue to cover its costs over the long term.
- Revenue Generation: The process of creating income through services or products.
- Operational Efficiency: The ability to deliver services effectively while minimizing costs.
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