Airfares expected to drop further as prices plummet by over 50%

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Recent findings by Daily Trust have revealed a significant reduction of over 50 percent in international airfares, leading experts and stakeholders to anticipate further price drops in the near future.

This decrease in ticket prices has been attributed to several factors, including a reduction in the exchange rate, pressure from the federal government on foreign airlines to offer lower fares, and the introduction of flights to the United Kingdom by Nigerian carrier, Air Peace, breaking the duopoly of British Airways and Virgin Atlantic on the Lagos-London direct route.

Analysis conducted by correspondents indicates that airfares have decreased by over 50 percent in the last six months, with particular emphasis on the busy Lagos-London route. This route remains popular among Nigerians traveling to the United Kingdom for various purposes such as business and education.

For instance, comparisons between ticket prices from July last year to present reveal a significant decline. British Airways, for example, previously offered a one-way economy ticket from Lagos to London priced at 2,698 pounds or approximately N2.7 million at the exchange rate of N907 at the time. However, despite the exchange rate rising to N1,300, the same airline now offers tickets ranging from N1,025,280 to N1.3 million for flights within the first week of April.

Source: Daily Trust

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