…price expected to rise further with new exchange rate
The National Bureau of Statistics, NBS has revealed a significant 34.06% increase in average air ticket price in the last one year.
According to the latest report from the NBS, airfare rose from N55,906.86 in May 2022 to N74,948.78 in May 2023.
International airfares may double on Nigerian routes as IATA scales tickets at N770 to dollar.
Meanwhile, commuter bus fares also experienced an 11.66% uptick during the same period. These escalating transportation expenses pose challenges for Nigerian travellers and commuters.
Transport fare
NBS stated that its transports data covers bus journey within the city per drop constant route; bus journey intercity (state route) charge per person; air fare charge for specified routes single journey; journey by motorcycle (Okada) per drop; and water way passenger transport, they added:
“The average fare paid by commuters for bus journeys within the city per drop increased by 0.23% in May 2023 when N649.59 was recorded relative to N648.12 in April 2023. On a year-on-year basis, the average fare paid rose by 11.66% from N581.79 in May 2022.
“In another category, the average fare paid by commuters for bus journey intercity per drop in May 2023 was N4,002.16, indicating an increase of 0.19% on a month-on-month basis compared to the N3,994.51 recorded in April 2023. On a year-on-year basis, this rose by 9.09% from N3,668.64 in May 2022.”
Air Travel
For airfares, NBS noted that the average fare paid by air passengers for specified routes and single journeys increased by 0.002% on a month-on-month basis from N74,947.30 in April 2023 to N74,948.78 in May 2023.
“On a year-on-year basis, the fare rose by 34.06% from N55,906.86 in May 2022. The average fare paid on Okada transportation in May 2023 was N464.55, a 0.49% increase from the rate recorded in April 2023 (N462.29).”
They added that okada fares rose by 11.30% when compared with the value in May 2022 which was N417.39.
They also revealed average fare paid for water transport (waterway passenger transportation) in May 2023 stood at N1,045.15, showing an increase of 1.39% from N1,030.83 in April 2023. This is an increase of 10.99% from N941.63 in May 2022.
Recall earlier reports that International airfares, particularly on Nigerian routes, may skyrocket as the International Air Transport Association (IATA) sets the exchange rate at $1 to N770.
Economy ticket prices have jumped from N400,000 to about N1.2 million, while business class tickets range from N4 million to N6 million, depending on the airline and booking time. With the new exchange rate, fares are expected to rise further.
