The dollar-based aviation industry, particularly the domestic airlines, is facing severe financial difficulties due to a 30% interest rate and a severely depreciated naira, which hinders their ability to grow and offer reasonably priced air transportation services to Nigerians.
The International Air Transport Association (IATA) views aviation as a business of freedom, but the skyrocketing cost of tickets in Nigeria has severely curtailed that freedom, essentially making air travel a luxury mode of travel for the wealthy and high net worth individuals (HNIs). Once costing less than N50,000, a one-way flight from Lagos to Abuja today costs more than N150,000. Depending on the date of travel, a passenger may be charged twice.
vIn light of the difficult financial situation and the numerous levies, airlines have no choice but to raise ticket prices to reflect the growing cost of operations.
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