The Nigeria Postal Service (NIPOST) has reported a significant 275% increase in revenue for the year 2024, attributed to the implementation of various reforms. This milestone was announced by the Postmaster General, Ms. Tola Odeyemi, who highlighted the achievements and strategic improvements of the service.
Ms. Odeyemi revealed that NIPOST boosted its revenue generation by closing loopholes and enhancing service quality, leading to increased patronage. “One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023,” she noted. This success was achieved by deploying PoS terminals in high transaction areas and ensuring service quality improvements.
Earlier in the year, Ms. Odeyemi had set a target of generating N10 billion in revenue for 2024. While she did not disclose the exact revenue figures, the reported increase marks a significant turnaround for NIPOST, which had been experiencing a decline in recent years. Data from the National Bureau of Statistics indicated a 17% drop in NIPOST’s revenue from N3.6 billion in 2021 to N3 billion in 2022.
Looking ahead to 2025, NIPOST has outlined plans to sustain its revenue growth through several initiatives. Ms. Odeyemi announced that NIPOST has begun renovating and upgrading facilities in Abuja, Lagos, and Kaduna, including an upgrade to its Postal Institute, which is crucial for the change management process.
Key plans for 2025 include rolling out a national addressing system and digital postcode, introducing specialized logistics services such as agri-logistics and healthcare logistics, and relaunching its financial services. Additionally, infrastructure upgrades will be implemented across the federation, and there will be increased access to government services through local NIPOST locations.
