The National Bureau of Statistics (NBS) has released a report highlighting a significant surge in airfare prices within the country. In August 2024, the average fare paid by air passengers for specified routes on a single journey reached a staggering N123,700.14. This represents a substantial increase of 25.51% compared to the previous month, July 2024, when the average fare was N98,560.28.
When compared to August 2023, the increase in airfares is even more pronounced. The average fare in August 2024 was a whopping 56.56% higher than in August 2023, reaching N79,011.38. This dramatic rise has made air travel significantly more expensive for Nigerian commuters.
While airfares have skyrocketed, other modes of transportation have experienced mixed results. The average fare for bus journeys within cities has actually declined by 7.77% in August 2024, compared to the previous month. Intercity bus fares, however, have seen a slight increase of 0.59%.
Motorcycles, a popular mode of transportation in Nigeria, have also experienced a fare increase. The average fare for a single drop rose by 8.46% in August 2024. However, on a year-on-year basis, motorcycle fares have declined by 18.87%.
Waterway transportation, primarily used in riverine areas, has also seen a fare increase. The average fare paid for waterway passenger transport rose by 3.30% in August 2024.
Several factors are contributing to the significant increase in airfares in Nigeria. One of the primary reasons is the rising cost of fuel, which is a major expense for airlines. Additionally, increased operational costs, such as maintenance, airport charges, and crew salaries, are also contributing to higher fares.
Moreover, the Federal Government’s intention to increase its charges on airlines, as reported by PUNCH in July, is likely to further exacerbate the situation. This will add to the operational costs of airlines, which will ultimately be passed on to passengers in the form of higher fares.
The soaring cost of air travel is having a significant impact on Nigerian commuters. Many people are finding it increasingly difficult to afford air travel for both domestic and international journeys. This is particularly challenging for those who rely on air travel for business or personal reasons.
The government and aviation authorities are urged to take steps to address the rising cost of air travel in Nigeria. This could include measures to reduce the operational costs of airlines, increase competition in the aviation sector, and regulate fuel prices.
