British Airways, other foreign airlines crash airfares further on Lagos-London route

Foreign airlines operating from Lagos to London have continued to slash their fares since Air Peace entered the route on March 30, 2024.

Airlines such as British Airways, Virgin Atlantic, Qatar Airways, Ethiopian Airlines, and others have crashed their fares on the route as competition gets together.

In a previous report, Legit.ng reported that airfares from Nigeria to other countries had seen a significant drop as the naira appreciated against the US dollar and a more robust competition posed by the entrance of Air Peace on the route.

The naira has depreciated against the US dollar for over a year, leading the International Air Transport Association (IATA) to increase ticket prices. The IATA rate for ticket sales in the country appreciated from about N1.800 per dollar a few months ago to N1,468 a few weeks ago and now to N1,261. The drop led to the rapid crash in air tickets across several routes.

Air Peace alleges plot to push it out of the market

There have been insinuations by some stakeholders that the current crash in airfares is a plot to drive Air Peace out of the route and then continue to exploit Nigerians.

The Nigerian airline’s maiden flight to London on March 30, 2024, was fully booked as the company slashed its ticket prices for Nigerians. According to reports, Air Peace pegged the price of its economy class at N1.2 million, leading to fierce competition on the route.

Air Peace said an economy-class return ticket costs N1.2 million, while a Business-Class Return Ticket costs N4 million. It also stated that Nigerians studying in the UK can have a 15% discount on the reduced economy-class tickets.