Foreign airlines operating the Lagos-London route have now crashed their ticket prices below the rates charged by Air Peace, the only Nigerian airline operating the route.
An earlier report by TimesNow.com.ng showed that foreign airlines had significantly reduced their fares on the Lagos-London route since Air Peace began operating it on March 30, 2024.
Experts have attributed the airfare crash to the naira’s appreciation, but Air Peace has said that foreign airlines are trying to sabotage it.
The Nigerian airline commenced the Lagos-London flight on March 30, 2024, fully booked by Nigerians who asked for cheaper tickets.
According to reports, Air Peace pegged its economy class ticket at N1.2 million, sparking stiff competition from foreign airlines battling trapped funds by the Nigerian government.
Air Peace had pegged a return economy class ticket for the Lagos-London route at N1.2 million. In contrast, a return Business Class Ticket sells for N4 million, with a 15% discount for Nigerians studying in the UK.
As of Tuesday, June 11, 2024, the International Air Transport Association (IATA) rate for ticket sales on the Lagos-London route in Nigeria dropped from almost N1,800 per dollar to N1,505.
Experts have said these factors have seen ticket prices drop on the Lagos-London route.
A one-way economy class ticket from Lagos to London on British Airways, which cost N3.5 million and N11 million for Business Class a few months ago, has dropped sharply to N605,000 for the economy class and N7,6 million for Business Class.
Other foreign airlines, which pegged their ticket prices between N3.5 million to N2.5 million, have also crashed them, with some selling lower than Air Peace.
Qatar Airways sells its economy class ticket for N870,000, Ethiopian Airways charges N892,000, Royal Air Moroc charges N983,000, Air Peace sells for N1,010,000, Asky and Turkish Airlines go for N1,190,000.
However, Business Class tickets on Air Peace remain cheapest as it sells for N2.5 million, Royal Air Maroc at N2.6 million, Ethiopian Airlines N3.6 million, Qatar Airways at N3.7 million, Turkish Airlines at N3.9 million, Air Frace at N7.5 million and Lufthansa N10.6 million,
British Airways’ Premium Economy class ticket sells for N2.7 million and Business Class at N7.6 million.
Henry Uche, a travel expert and CEO of Goodwinds Travel and Tours, said that the naira’s appreciation against the US dollar was responsible for the crash in ticket prices by foreign airlines.
He said Air Peace needs to sit up to avoid being pushed out of the lucrative route.
TimesNow.com.ng reported that Nigeria’s largest carrier, Air Peace, has announced that it will extend its schedule availability for the Lagos-London route until March 2025.
The airline commenced the Lagos-London route on March 30, 2024, and has gained popularity among business and leisure travelers.
According to the airline, the availability aims to provide more options and convenience, which stresses the company’s commitment to delivering excellent service.
Proofread by Kola Muhammed, journalist and copyeditor at TimesNow.com.ng
