Emmanuel OchayiTravel and tourism authority Bankole Bernard forecasts a shake-up in airfare prices on the Lagos-London route as Nigerian airline Air Peace launches its direct flights.
Speaking on Channels Television’s The Morning Brief, Bernard emphasized that this move would compel foreign carriers to lower their fares or risk losing their foothold in the market.
Highlighting the significant price difference, Bernard noted that while foreign airlines previously charged as high as N3.5 million for a return economy class ticket, Air Peace now offers the same journey for N1.2 million. This competitive pricing strategy, according to Bernard, has prompted major players like British Airways, Virgin Atlantic, and Qatar Airways to adjust their rates to remain competitive.
“The entry of Air Peace into the Lagos-London route is a game-changer,” Bernard stated. “With their direct flights, other airlines are feeling the pressure to match their prices or face the consequences.”
Attributing the drop in fares to increased competition, Bernard stressed the need for transparency in the aviation industry, urging scrutiny of airlines’ pricing strategies.
“The emergence of Air Peace with its direct flights has disrupted the market dynamics,” Bernard explained. “As a result, other carriers must adapt swiftly or risk losing their market share.”
Air Peace’s inaugural flight to Gatwick Airport in London last Saturday was hailed as a step towards rebalancing the bilateral agreement between Nigeria and the United Kingdom. The presence of government officials, including Minister of Aviation Festus Keyamo and Minister of Trade and Investment Doris Uzoka-Anita, underscored the significance of this milestone.
Industry observers anticipate further expansion in international flights by local carriers, buoyed by the success of Air Peace’s venture into the lucrative Lagos-London route.
The era of exorbitant airfares on this route appears to be drawing to a close, as Air Peace’s entry heralds a new era of affordability and accessibility for Nigerian travelers heading to London.
