Airfares Skyrocket by 56% in August 2024, Reports NBS
In a recent report released by the Nigeria Bureau of Statistics (NBS) on September 24, 2024, the average cost of air travel in Nigeria surged by a staggering 56.56% between August 2023 and August 2024. The report revealed that airfares jumped from an average of N79,011.38 in August 2023 to N123,700.14 in August 2024, reflecting a sharp increase in the cost of air travel for Nigerian commuters. This significant hike can be attributed to rising fuel costs, inflationary pressures, and the ongoing challenges in the aviation sector.
Month-on-Month Fare Jump of 25.51% Further Strains Commuters
On a month-to-month basis, the cost of air travel also saw a sharp rise. The report showed that airfares increased by 25.51% from N98,560.28 in July 2024 to N123,700.14 in August 2024. This surge in prices is putting additional pressure on commuters who rely on air travel, especially business travelers and those needing to cover long distances quickly. The rising cost of aviation fuel, maintenance, and airport taxes have contributed to the significant increase in airfares, further stretching the budgets of average Nigerians.
Bus Fares Within Cities Drop by 7.77% in August 2024
While airfares skyrocketed, bus fares within cities saw a welcome decrease in August 2024. The average fare for bus journeys within cities dropped by 7.77%, from N942.61 in July 2024 to N869.35 in August 2024. However, despite this month-on-month decline, city transport fares still saw an annual increase of 34.95% compared to August 2023, when the average fare was N1,336.38. The decline in city transport fares can be attributed to a slowdown in inflationary pressures, offering some relief to daily commuters.
Intercity Bus Fares See Modest Rise by 0.59%
Contrary to the decline in city bus fares, the cost of intercity bus journeys continued to rise, albeit slightly. The average fare for intercity bus travel increased by 0.59% from N7,117.17 in July 2024 to N7,159.00 in August 2024. On a year-on-year basis, intercity fares rose significantly by 20.97%, up from N5,918.18 in August 2023. The gradual increase in intercity bus fares reflects the rising operational costs faced by transport companies, particularly those related to fuel prices and vehicle maintenance.
Motorcycle Fares Rise by 8.46% as Okada Costs Increase
Motorcycle fares, popularly known as Okada fares, also saw an increase in August 2024. The average fare for a single drop jumped by 8.46%, rising from N483.33 in July 2024 to N524.22 in August 2024. However, on a year-on-year basis, motorcycle fares actually decreased by 18.87%, dropping from N646.12 in August 2023. The increase in monthly fares can be linked to fluctuations in fuel prices, while the annual decline may be attributed to a reduction in demand for Okada services in certain areas.
Waterway Transportation Fares Rise by 3.30%
Waterway transportation, an essential mode of travel in Nigeria’s riverine areas, also witnessed an increase in fares. The average cost of waterway passenger transport rose by 3.30% from N1,402.95 in July 2024 to N1,449.34 in August 2024. On a year-on-year basis, the fare increased by 3.03%, up from N1,406.74 in August 2023. Rising operational costs for waterway transport companies, coupled with the need to maintain safety standards, are likely contributors to the fare hike.
Inflationary Pressures on Long-Distance Travel
The overall picture painted by the NBS report suggests that while city-based transportation costs are easing slightly, longer-distance travel—whether by air, intercity bus, or waterway—is facing substantial inflationary pressures. The sharp increase in airfares, in particular, reflects broader economic challenges, including inflation, rising fuel prices, and the ongoing impact of the foreign exchange crisis on the aviation industry. As the cost of long-distance travel continues to rise, Nigerians are finding it more difficult to afford essential travel.
Social Media Reactions to Rising Airfares and Transport Costs
The dramatic increase in airfares and transport costs sparked significant reactions on social media, both in Nigeria and abroad. Here are some notable comments:
- @OlumideWrites (Nigeria) on X: “Airfares have jumped by 56%! How are we supposed to travel for work or emergencies? This is unsustainable.”
- @NnekaTravels (Nigeria) on Instagram: “I’m canceling all my travel plans for now. Airfares are just too expensive.”
- @Suleiman_X (Nigeria) on X: “With airfares hitting the roof, many Nigerians will have to rely on long bus journeys or even opt for trains.”
- @Samuel_Mukoro (UK) on Threads: “Nigerian airfares are skyrocketing while people’s incomes remain stagnant. How will ordinary citizens survive this?”
- @Chioma_News (Nigeria) on X: “City bus fares are dropping but traveling long distances is now almost impossible for the average Nigerian.”
- @TravelGistAfrica (Nigeria) on Instagram: “What’s the future of Nigeria’s transport sector if airfares keep rising like this?”
- @Fatimah_B (Nigeria) on X: “Forget air travel, even Okada fares are increasing. This inflation is hitting every part of our lives.”
- @LekanJ (Canada) on Threads: “These fare increases in Nigeria make me rethink any plans for visiting family anytime soon.”
- @Sophie_Adams (Nigeria) on Facebook: “Waterway transport is increasing too? What’s left? Will boats become as expensive as flights soon?”
- @Rashid_O (Nigeria) on Instagram: “Intercity fares are creeping up and the roads are still terrible. The government needs to intervene!”
- @Victor_Obinna (UK) on Threads: “This news about Nigerian airfare increases is shocking. What’s next, more price hikes across the board?”
- @Jay_Travels (Nigeria) on X: “I used to prefer air travel for comfort, but with these fare hikes, I’ll have to consider buses now.”
- @TobiReports (Nigeria) on Instagram: “Rising airfares are just another blow to Nigerians already dealing with a difficult economy.”
Conclusion
The surge in airfares by 56.56% between August 2023 and August 2024, along with the rising costs of intercity and waterway travel, underscores the inflationary pressures on long-distance transportation in Nigeria. While there has been some relief for city commuters, the challenges facing the broader transport sector remain severe. As Nigerians grapple with these rising costs, there is growing concern over the future of affordable transportation in the country.
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