Local plane ticket prices in Nigeria rose from N38k to N74k in 12 months

The data was culled from the Transport Fare Watch (January 2023), a report presented by the NBS. It further revealed that on a month-on-month basis, airfares recorded a 0.16% increase.

The report comes amid months of challenges in the sector which has seen some airline companies go under and ticket prices skyrocketing as air transport companies struggle to meet up with the biting industry crisis.

From the report, local airfares witnessed a 0.2% increase as figures rose from N74,586.49 in December 2022 to N74,702.70 in January 2023.

However, on a year-on-year basis, the fare increased astronomically by 94.78 percent as figures rose from N38,352.19 in January 2022 to N74,702.70 in January 2023.

Apart from the aviation industry, other sectors within the transportation industry also witnessed major increments in prices. For bus journeys within the city, the average fare per drop on a month-on-month basis increased by 0.94 percent from N650.70.in December 2022 to N644.66 in January 2023.

The average fare per drop for bus journeys within the city on a year-on-year basis also witnessed an increase as fares increased by 36.59 percent from N476.39 in January 2022 to N644.66 in January 2023.

Data for intercity transport fares were also recorded and it was revealed that the average fare paid by commuters for intercity journeys per drop increased by 0.68 percent on a month-on-month basis, to N3,998.42 in January 2023.

This figure was compared to the value of the average fare of N3,971.22 recorded in December 2022. When compared to the fare price in January 2022, the fare prices rose on a year-on-year, by 42.73% from N2801.34 in January 2022 to N3,998.42 in January 2023.