Competition on the popular Lagos-London route has continued to intensify as foreign airlines continue to slash fares with some airlines now charging below rates by Air Peace Airline, the only Nigerian carrier operating the route.
BusinessDay has earlier reported that air fares from Nigeria to other countries saw a significant drop, following the appreciation of naira few months back and the competition arising from Air Peace commencement of Lagos-London route.
Air Peace started the Lagos-London flight on March 30, 2024, fully booked by Nigerians who have since sought cheaper tickets to London.
The airline had pegged its economy class ticket at N1.2million, thereby slashing fares on the route.
According to the airline, a return economy class ticket goes for N1.2 million while a return Business Class Ticket sells for N4million naira, as Nigerians studying in the UK accessed their special 15 percent rebate on the already reduced economy fares.
As at Tuesday, the International Air Transport Association (IATA) rate for sales of ticket rate for ticket sales in Nigeria dropped from almost N1,800 few months ago to now N1,505 to a dollar.
These factors have seen the prices of tickets drop on the Lagos-London route.
For instance a one way economy class ticket from Lagos to London on British Airways which cost N3.5 million for Economy and N11 million for Business Class few months ago has seen a sharp drop to N605,000 for economy and N7.6million for Business Class.
Other airlines that had pegged their tickets between N3.5 million to N2.5 million have also reduced fares, with some airlines currently selling lower than Air Peace.
