Revealed! Airfare increases again as Nigerians plan year end travels

• In September 2024, the average passenger fee was N124,693.40, up from N79,013.48 in September 2023
• This indicates that the cost of domestic air travel increased by 57.81 percent annually
• The South-West zone had the highest fare (N126,013.30), followed by the South-East and the North-West

Legit.ng journalist Zainab Iwayemi has over 3-year-experience covering the Economy, Technology, and Capital Market.

The average passenger fee increased from N79,013.48 in September 2023 to N124,693.40 in September 2024, resulting in a 57.81 percent increase in the cost of domestic air travel year over year.

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Source: Getty Images

According to the National Bureau of Statistics' (NBS) most current transport fare watch report, monthly fares increased by 0.80% from N123,700.14 in August.

According to the NBS data, the South-West zone had the highest fare (N126,013.30), followed by the South-East (N125,881.64) and the North-West (N120,731.25).

“Airfares were highest in Abuja at N129,600.00, followed by Anambra at N129,045.53, while Zamfara had the lowest fares at N96,969.78, followed by Ekiti at N120,555.37,” the report stated.

According to stakeholders who spoke to BusinessDay, the situation in Nigeria has gotten worse due to high insurance premiums and currency shortages, which have increased the cost of purchasing and maintaining aircraft for domestic carriers.

As Nigerian airlines struggle with fleet reduction due to the high cost of maintenance, which raises airfares, only a small number of aircraft have had to feed multiple passengers on domestic trips in recent months.

The research also included the costs of various forms of transportation, including motorcycle taxis (Okada), intercity bus travel, city bus journeys, and passenger services on waterways.

The average fare commuters paid for city bus trips each drop rose from N869.35 in August 2024 to N899.31 in September 2024, representing a 3.45% increase.

From N1,329.94 in September 2023, it fell by 32.38% on an annual basis.

In a different category, commuters' average fare for an intercity bus trip per drop was N7,175.06 in September 2024, which is a 0.22% monthly increase from N7,159.00 in August 2024.

The fare increased by 21.26% year over year from N5,917.16 in September 2023.

From N524.22 in August to N532.00 in September 2024, the average transit fare paid on Okada transportation increased by 1.48 percent.

Air Peace increases Lagos-Abuja one-way ticket

Legit.ng reported that beginning November 1, 2024, a one-way flight from Lagos to Abuja aboard Air Peace will hit N200,000.

Experts have said the harsh economy is hitting the aviation industry hard, causing airlines to hike fares amid passenger protests.

The development has forced some Nigerians to choose alternative means of transport, preferring road travel.

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Source: Legit.ng