• Nigerian/African Tech
  • Start Up
  • Internet
    • App
    • Mobile
    • Software
  • Gadgets
  • Money
  • Video
Tech News, Magazine & Review WordPress Theme 2017
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
TechBooky
Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Home Nigerian/African Tech

Inflation Is Hitting The Airline Industry Really hard In Nigeria

Emeka Eni by Emeka Eni
June 1, 2022
Share on FacebookShare on Twitter

The inflation in the money market continues to make the economy unbearable for trading activities to excel whereby there has been a significant increase in the transportation industry. The Nigerian aviation sector has reported hiked airfare by airline operators based in Nigeria’s North-central geographical area such as Taraba state, Kebbi state, and Kogi state to have recorded the highest charge per trip.

Also On TechBooky

A Wider Digital Voting System In Nigeria And Diaspora Participation

Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

Airtel Launches Its eSIM Technology In Nigeria

How Machine Learning Can Be Used To Fight Government Corruption

Kenyan Fintech Startup, Kwara Raises $3 Million Seed Extension

Due to economic turmoil thriving locally in line with international economic inflation, the airline business started experiencing fiscal turbulence in April 2022. According to the Transport Fare Watch (TFW) report, the hike in airfare is exclusive to certain plied routes, such as Abuja, Lagos, Port Harcourt, etc. The TFW is a subsequent task force organized by the National Bureau of Statistics (NBS) as a local watchdog in the transportation industry.

The TFW reported the range of hiked airfare according to their localization such as Taraba, Kogi, and Kebbi which are recently recorded in the NBS list of states with hiked airfare. The NBS’ transport fare watch-list has two sections such as states with the highest and lowest airfare, including, Taraba state (N65,000), Kogi (N64,260), and Kebbi (60,850). While the likes of other local airline businesses localized in Edo, Bauchi, and Kano sells flight ticket for half a hundred thousand Naira.

Airline operators based in the affected states with hiked airfare have reportedly consented to the Nigerian government to ease the economic crisis by tackling the instigator of the bearish economy tied with the Naira exchange rate with foreign currency. Aside from the outrageous airfare surge in the Nigerian Central-Northern geographic space, other regional airline operators based locally also experienced a %19 airfare increase per MoM business analysis.

Meanwhile, the NBS’s report revealed that the current airfare surge has been significant since the post-pandemic season that introduce global inflation. According to the NBS report by TFW, the Nigerian aviation sector has experienced a 52% hike price of flight tickets since the previous fiscal year. The post-pandemic season also influence strict cross-border policy that further escalated the shortage of aviation fuel distribution and other socio-economic aviation-related setbacks.

“Even if the aviation fuel is made available, there must be a review to reflect the minimal operational cost. We are offering patriotic services to the nation and understand the essential part of it. We are part of this economic development process in Nigeria but it is coming at a very huge sacrifice.” The Airline Operators of Nigeria (AON) chairman, Professor Obiora Okonkwo, revealed how it is in the industry and “nothing less than N100,000, between N100,000 and N120,000 base price, even with Jet A1 fuel at N400 – N500.”

The local aviation companies cannot risk experiencing accidents of passenger aircraft due to inadequate aircraft maintenance influenced by a shortage of aviation fuel, but rather increase the price of flight services for provisional aircraft maintenance and profit earnings. Nigerian airline operators have reportedly consented to the feds to curb the shortage of socio-economic resources to standardize the airfares of local trips at the range of N50,000 per ticket.

Other airline operators have reportedly applied a strategic business scheme to accept payment with the American dollar to conceal the hiked airfare. This policy is influenced by the shortage of foreign currency for local exchange. Aviation companies intend to make a profit amidst other companies experiencing regressive revenue income.

Related Posts:

  • PoS Transactions In Nigeria Gradually Decline As Several Users Seek Alternative e-Payment Channels
    PoS Transactions In Nigeria Gradually Decline As Several…
  • NBS Says With Over 65 Million Subscribers, One-Third of Nigeria’s Internet Subscribers Live In 5 States
    NBS Says With Over 65 Million Subscribers, One-Third of…
  • Private Aviation: Where It’s At Now
    Private Aviation: Where It’s At Now
  • US Retail Sales Continue To Boom Despite The Threatening Inflation
    US Retail Sales Continue To Boom Despite The Threatening…
  • The NCC Launches A Study Into Mobile International Call Rates In Nigeria
    The NCC Launches A Study Into Mobile International Call…
  • Global Smartphone Shipments Declined 9% In Q2 2022
    Global Smartphone Shipments Declined 9% In Q2 2022
  • The Nigerian Govt Partners With Investors To Improve The Digital Sector
    The Nigerian Govt Partners With Investors To Improve The…
  • 83.3m Nigerians Are Connected To Broadband Internet As Of May 2022
    83.3m Nigerians Are Connected To Broadband Internet As Of…
Tags: airlineeconomyinflationnigeria
Emeka Eni

Emeka Eni

I am a tech enthusiast, creating contents, graphic designer and am Africa.

BROWSE BY CATEGORIES

Receive top tech news directly in your inbox

Loading

Recent

Israeli Startup Introduces Smart Farm For Fresh Green Superfood

Israeli Startup Introduces Smart Farm For Fresh Green Superfood

January 31, 2023
Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

January 31, 2023
A Wider Digital Voting System In Nigeria And Diaspora Participation

A Wider Digital Voting System In Nigeria And Diaspora Participation

January 31, 2023
Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

January 30, 2023
How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

January 30, 2023
Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

January 30, 2023
Tesla Cybertruck Mass Production Won’t Start Until 2024

Tesla Cybertruck Mass Production Won’t Start Until 2024

January 27, 2023
Apple Reportedly Delays Development Of Its Own WiFi Chips

Apple Reportedly Delays Development Of Its Own WiFi Chips

January 27, 2023
Google Commits To Complying With EU Laws On Its Services

Google Commits To Complying With EU Laws On Its Services

January 27, 2023
Airtel Launches Its eSIM Technology In Nigeria

Airtel Launches Its eSIM Technology In Nigeria

January 27, 2023

Browse Archives

February 2023
MTWTFSS
 12345
6789101112
13141516171819
20212223242526
2728 
« Jan    

About Us

TechBooky

TechBooky is a social Tech blog with a special focus on the budding African Technology sector. TechBooky is currently based in Abuja, Nigeria.

Subscribe to TechBooky

Enter your email address to subscribe to TechBooky and receive notifications of new posts by email.

Join 24 other subscribers.

Receive top tech news directly in your inbox

Loading

Popular Tags

AI (255) amazon (95) android (281) app (610) Apple (473) artificial intelligence (268) business (342) china (113) cloud (135) cryptocurrency (158) ecommerce (109) enterprise (240) facebook (472) gadget (448) gaming (160) google (546) government (383) guest post (108) instagram (137) internet (352) ios (249) iphone (210) microsoft (261) mobile (281) new feature (287) nigeria (278) privacy (135) research (134) samsung (139) security (375) smartphone (235) social media (671) software (416) startup (269) streaming (140) telecom (157) tips (340) transport (104) twitter (217) united states (191) users (132) videos (115) website (160) whatsapp (129) youtube (106)

Quick Links

  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

Popular Post

  • Trending
  • Comments
  • Latest
Download Free Editable Resume Templates – Word / Docx – 2022

Download Free Editable Resume Templates – Word / Docx – 2022

July 25, 2022
The Best Free PC Games

The Best Free PC Games

July 29, 2022
Recover Permanently Deleted Emails From iCloud Manually

Recover Permanently Deleted Emails From iCloud Manually

March 5, 2022
How is Technology Changing Our Definition of What It Means to Be a Human?

How is Technology Changing Our Definition of What It Means to Be a Human?

April 1, 2018
Resume and Cover letter Templates for free

Resume and Cover letter Templates for free

July 25, 2022
[Fixed] “Outlook Running Slow Windows 10” Issue

[Fixed] “Outlook Running Slow Windows 10” Issue

February 12, 2020
Israeli Startup Introduces Smart Farm For Fresh Green Superfood

Israeli Startup Introduces Smart Farm For Fresh Green Superfood

January 31, 2023
Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

January 31, 2023
A Wider Digital Voting System In Nigeria And Diaspora Participation

A Wider Digital Voting System In Nigeria And Diaspora Participation

January 31, 2023
Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

January 30, 2023
How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

January 30, 2023
Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

January 30, 2023

Recent News

Israeli Startup Introduces Smart Farm For Fresh Green Superfood

Israeli Startup Introduces Smart Farm For Fresh Green Superfood

January 31, 2023
Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

Twitter Pay? Elon Musk Applies To Get Payment Gateway License For Twitter

January 31, 2023
A Wider Digital Voting System In Nigeria And Diaspora Participation

A Wider Digital Voting System In Nigeria And Diaspora Participation

January 31, 2023
Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

Jail Threats Stop ‘Robot Lawyer’ From Making Debut In Court

January 30, 2023
How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

How Google’s Sparrow AI Tool Is Looking To Take On ChatGPT

January 30, 2023
Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

Nigeria’s Apex Bank Launches Domestic Card Scheme – AfriGO

January 30, 2023
  • About TechBooky
  • Submit Article
  • Advertise Here
  • Contact us
  • Privacy Policy
  • Disclaimer
  • Login

© 2021 Design By Tech Booky Elite

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
  • Home
  • Africa
  • Business
  • Video
  • Metaverse
  • AI
  • Gadgets
  • Earnings
  • Tips

© 2021 Design By Tech Booky Elite