Airfares Surge by 25.51% in August – NBS Report

Airfare prices experienced a significant jump in August 2024, with the average fare for air passengers on specified routes reaching N123,700.14, according to the latest report from the Nigeria Bureau of Statistics (NBS). This marks a 25.51% increase compared to the N98,560.28 recorded in July 2024.

On a year-on-year basis, airfares surged by 56.56%, up from N79,011.38 in August 2023, making air travel substantially more expensive for passengers.

In contrast, bus fares for city trips fell to N869.35 in August 2024, a 7.77% drop from the N942.61 seen in July 2024. Year-on-year, the fare decreased by 34.95% from N1,336.38 in August 2023, potentially due to reduced inflationary pressures in urban transport.

For intercity bus journeys, the average fare saw a marginal increase of 0.59%, rising to N7,159.00 in August 2024 from N7,117.17 in the previous month. On an annual comparison, intercity bus fares increased by 20.97%, up from N5,918.18 in August 2023, reflecting the rising operational costs for transport companies.

Motorcycle transport fares, commonly referred to as “Okada” rides, also saw an increase. The average fare for a single trip rose by 8.46%, reaching N524.22 in August 2024 compared to N483.33 in July. However, on a yearly basis, Okada fares dropped by 18.87% from N646.12 in August 2023.

Waterway transportation, often used in riverine areas, also experienced a price hike. The average fare for waterway passenger transport increased by 3.30%, reaching N1,449.34 in August 2024, up from N1,402.95 in July. Compared to August 2023, the fare rose slightly by 3.03% from N1,406.74.

Overall, while urban bus fares have seen a decline, the sharp rise in airfares and intercity transport costs reflects the ongoing inflationary pressures on longer-distance travel.