Naira gains, flight fares fall, as Nigerian-EU tickets cheaper
Airlines operating flights from Nigeria to Europe have reduced ticket prices, driven by a combination of weaker travel demand and a stronger naira, according to reports.
For instance, British Airways recently offered a premium economy ticket to London for just $300, with other carriers offering similar promotional fares to stimulate sales.
The naira’s significant appreciation – rising from around N1,800–N1,900/$1 last year to approximately N1,400–N1,500/$1 – has also contributed to a drop in ticket prices. Return economy class tickets from Lagos to London and other European cities, which were priced between N2 million and N3 million in 2024, now range from N1.2 million to N2 million.
“Air fares are influenced by exchange rates. Recently, the rate has decreased a bit, fluctuating between N1,400 and N1,500. Additionally, this is the low season, so many airlines are advertising promotional fares,” said Susan Akporaiye, former president of the National Association of Nigerian Travel Agencies (NANTA), in an interview.
Akporaiye explained that despite the release of trapped funds to airlines last year, ticket prices remained high due to the steep exchange rate. However, with the naira now stabilising, lower fares are beginning to reflect this – especially during the current low season when travel demand is weaker.
“Any ticket price that seems lower must either be a promotional offer or the result of a stable exchange rate,” she added. “Once the high season begins, fares will likely increase again.”
A comparison of summer fares for 2024 and 2025 revealed a slight decrease. For example, summer tickets from Lagos to London Gatwick now cost between N1.5 million and N1.8 million, down from N2 million to N3 million last year. Similar reductions were observed for flights to cities such as Paris, Berlin, Amsterdam, and Brussels.
Business class fares have also decreased. Tickets from Lagos to London Gatwick in business class for the summer now range between N5 million and N6.2 million, compared to N5 million to N9 million last year.
Alex Nwuba, President of the Aircraft Owners and Pilots Association of Nigeria, noted that the fare reductions were possible because the European aviation market is more business-friendly.
“European airlines aren’t pricing tickets to avoid financial collapse from the high cost of business,” Nwuba said.
“Europe benefits from a healthy mix of premium and low-cost airports with varying charges, lower handling fees, and a business-friendly policy environment, allowing them to offer lower fares. The situation is very different in Nigeria, where airlines are constrained by the system itself.”
