Bankole Bernard, a seasoned travel and tourism expert, has forecasted a significant shift in airfare dynamics following the launch of Air Peace’s direct flight from Lagos to London.
Appearing as a guest on Channels Television’s The Morning Brief program, Bernard elucidated how the entry of a local carrier into the Lagos-London route is compelling foreign airlines to reconsider their pricing strategies.
Bernard, formerly the President of the National Association of Nigeria Travel Agencies (NANTA), emphasized that failure by foreign airlines to adjust their fares in response to Air Peace’s competitive pricing could potentially lead to their displacement from the market.
Highlighting the exorbitant cost of international flights on the Lagos-London route, Bernard revealed that prices soared as high as N3.5 million.
However, with Air Peace offering return economy class tickets for a fraction of that price at N1.2 million, foreign carriers such as British Airways, Virgin Atlantic, and Qatar Airways have been compelled to slash their fares to remain competitive.
He underscored the profitability enjoyed by foreign airlines operating in Nigeria’s major airports, including Lagos, Abuja, Port Harcourt, and Kano.
Bernard questioned the sudden decrease in airfares and suggested a need for scrutiny into the factors contributing to this development.
Bernard attributed the reduction in airfares primarily to the emergence of Air Peace as a new player in the lucrative Lagos-London route.
He explained that Nigerians, in the absence of accessible routes like Dubai, have increasingly relied on the London route, making it a focal point for foreign carriers.
The direct flight offered by Air Peace, devoid of layovers in other countries, has triggered a decline in prices, according to Bernard.
He stressed the importance of understanding the underlying factors driving this shift and predicted that the presence of Air Peace in the market would exert pressure on other airlines to adjust their pricing strategies promptly or risk being marginalized.
Last Saturday marked a significant milestone as Air Peace initiated direct flight operations to Gatwick Airport in London, thereby reciprocating the lopsided Bilateral Air Service Agreement (BASA) between Nigeria and the United Kingdom.
Notable figures including the Minister of Aviation, Festus Keyamo, and the Minister of Trade and Investment, Doris Uzoka-Anita, were among the dignitaries onboard the inaugural Lagos-London flight, signaling a positive reception from industry observers.
Bernard’s insights underscore the transformative impact of Air Peace’s entry into the international flight market, signaling a potential paradigm shift in air travel dynamics and encouraging other local carriers to explore profitable international routes.
