The Postmaster General of the Nigeria Postal Service (NIPOST), Ms. Tola Odeyemi, has said that the service implemented several reforms that led to a 275% increase in revenue in 2024.
Odetola said this while highlighting NIPOST’s achievements for the year, noting that the revenue increase was a major achievement for the Service.
She said NIPOST boosted its revenue generation by blocking loopholes and improving its service quality, which led to an increase in patronage of its services.
“One of the major achievements for us in 2024 has been a 275% increase in revenue from 2023.
“We achieved this by plugging a lot of the revenue leakages that we have by deploying PoS Terminal for payment in our high transaction areas, as well as ensuring that our quality of service goes up,” she said.
Earlier in the year, Odetola had declared that NIPOST’s target for 2024 was to generate N10 billion in revenue.
While the Post Master General did not state the actual revenue generated at the end of the year, the 275% increase could mean significant growth for the Service, which had seen consistent decline in the past years.
The latest publicly available data on NIPOST revenue was for 2022. According to the data released by the National Bureau of Statistics (NBS), NIPOST’s revenue declined by 17% from N3.6 billion in 2021 to N3 billion in 2022.
To sustain its revenue growth, Odetola said NIPOST had started by renovating and upgrading some of its locations in Abuja, Lagos, and Kaduna by upgrading its Postal Institute, which is key to the change management that we want to see in NIPOS over the coming years.
“So what are some of the things that you should be expecting from the Nigerian Postal Service in 2025?
“We will be rolling out our national addressing system and digital postcode., specialized logistics, such as agri-logistics and healthcare logistics, and a relaunch of our financial services.
“There will be infrastructure upgrades, which will take place across the Federation and there will be an increase in access to government services through your local NIPOS location,” she said.
NIPOST is one of the agencies under the Ministry of Communications, Innovation, and Digital Economy.
Dissatisfied with the current state of Service and its laxity in playing expected roles in the digital economy space, the Communications Minister, Dr. Bosun Tijani, on the assumption of office in 2023, asked Nigerians to suggest how the company can be repositioned.
According to some of the suggestions, an ideal NIPOST would operate like the Nigeria Inter-Bank Settlement System (NIBSS) in the logistics industry, serving as the open backbone infrastructure for licensed courier companies to power logistics for commerce and trade across the country.
It was also suggested that NIPOST would need to actively support and integrate with e-commerce platforms to enhance online shopping experiences.
This involves efficient last-mile delivery, returns management, and secure payment gateways.
