In a bid to compete with Air Peace’s recent entry into the Lagos-London route, foreign airlines have significantly reduced their airfares, providing travellers with more affordable options.
Air Peace, a Nigerian carrier, launched direct flights from Lagos to London on March 30, offering round-trip economy tickets at a competitive price of N1.2 million, significantly undercutting the previous fares of up to N3 million charged by other airlines on the route.
In response, foreign airlines have slashed their prices, with round-trip economy ticket prices dropping to an average of N1.4 million last week. However, a further investigation conducted on Wednesday revealed that some international airlines have gone even further, reducing their economy ticket prices to an average of N841,732.
According to the Central Bank of Nigeria’s exchange rate of N1246 to the US dollar, the current prices for flights from Lagos to London are as follows:
– Egyptair: ($470) N585,620
– Virgin Atlantic: ($927.99) N1.1 million
– Royal Air Morocco: ($456.99) N569,422
– British Airways: ($787.99) N981,848
– Air Peace: ($655) N816,130
Other airlines, including RwandAir, Ethiopian Air, Turkish Airlines, Air France, and KLM, have also reduced their prices, with one-way tickets from Lagos to London now costing between N1.03 million and N1.3 million, despite the high exchange rate of N1,250 per dollar.
This price war has provided a significant boost for travellers, who can now enjoy more affordable options when flying between Lagos and London. Industry analysts and stakeholders have praised the competition, stating that it will ultimately benefit the Nigerian air travel market.
