Average Air Travel Fare Rises 7.6% Year-on-Year, Hits N78,778 in October 2023

The National Bureau of Statistics (NBS) reported a year-on-year increase of 7.6% in the average air travel fare, reaching N78,778 in October 2023, compared to N73,198 in the same period last year.

The disclosure was part of the findings in the NBS Transport Fare Watch for October 2023, which also highlighted increases in fares for bus, motorcycle (Okada), and waterway passenger transport journeys.

Despite the year-on-year rise, the month-on-month trend showed a decline in transport fares across all modes of journeys. Notably, air travel saw a 0.30% decrease in average fare compared to September 2023.

The average fare for bus journeys within the city per drop decreased by 16.48% from N1,337.80 in September to N1,117.30 in October 2023, although it rose by 75.45% on a year-on-year basis.

For intercity bus travel, the average fare per drop declined to N5,885.68, showing a 0.53% decrease compared to September.

On a year-on-year basis, it increased by 53.04% from N3,845.81 in October 2022. Okada transportation saw a 21.51% decrease in average fare, dropping from N646.29 in September to N507.30 in October.

Waterway passenger transportation, on the other hand, experienced a 0.79% monthly contraction but saw a 38.7% year-on-year increase.

These findings reflect the dynamics in Nigeria’s transportation sector, influenced by factors such as fuel prices, demand, and economic conditions.