How Nigerians are Struggling to Travel Abroad Amid Forex Crisis and Skyrocketing Airfares

Patrick OdeyJuly 25, 2023

4 minutes read

The recent rise in airfares is having a significant impact on the travel plans of Nigerians. Prices for flights to popular destinations have skyrocketed, making it more difficult for people to afford to travel.

One of the primary reasons for the increase in airfares is the devaluation of the naira. The naira has lost about half of its value against the dollar in recent months, making it more expensive for airlines to purchase fuel and other supplies.

Another factor contributing to the rise in airfares is the shortage of foreign exchange. Airlines are struggling to get the dollars they need to purchase tickets and other supplies, which is driving up prices.

The impact of rising airfares is being felt most keenly by Nigerians who are planning international travel. A return ticket to London, for example, now costs upwards of N1 million. This is a significant financial burden for many people, and it is forcing them to cancel or postpone their travel plans.

The rising cost of airfares is also having an impact on Nigerians who are planning domestic travel. A return ticket to Lagos from Abuja now costs around N50,000. This is more than double what it cost a few months ago.

The rising cost of airfares is a major setback for the travel industry in Nigeria. It is making it more difficult for people to travel, which is hurting businesses that rely on tourism.

The Nigerian government is aware of the problem and is working to address it. The Central Bank of Nigeria has announced that it will be introducing a new policy to make it easier for airlines to obtain foreign exchange. The government is also working to promote domestic tourism, in the hopes of offsetting the decline in international travel.

In the meantime, Nigerians who are planning to travel should be prepared to pay higher airfares. They should also be flexible with their travel plans, as airlines may be forced to cancel or reschedule flights due to the high cost of fuel.

If you are planning to travel abroad for business, education, or leisure, you might be feeling frustrated and disappointed by the soaring airfares and the weakening naira.

However, there are still some ways to overcome these challenges and achieve your travel goals. Here are some tips and insights from travellers who have faced similar situations.

Book your flight early. The earlier you book your flight, the better chance you have of getting a lower price and avoiding further fluctuations in the exchange rate. You can also compare different airlines and routes to find the best deal for your destination. Some travellers have opted to fly through neighbouring countries like Benin Republic or Ghana, where airfares are cheaper and the currency is more stable.
Save and budget wisely. Travelling abroad requires a lot of financial planning and discipline. You need to consider not only the cost of your flight, but also your visa, tuition (if you are a student), health insurance, accommodation, and living expenses. You also need to have enough funds in your bank account to prove that you can support yourself during your stay. To save money, you can cut down on unnecessary expenses, such as eating out, shopping, or entertainment. You can also look for scholarships, grants, or loans that can help you cover some of your costs.
Be flexible and adaptable. Travelling abroad is an exciting and rewarding experience, but it also comes with some uncertainties and risks. You need to be prepared for any changes or challenges that might arise along the way. For example, you might face delays or cancellations in your flight, visa issues, or unexpected expenses. You need to have a backup plan and a positive attitude in case things don’t go as planned. You also need to be open-minded and respectful of the culture and customs of the country you are visiting.

Travelling abroad is not impossible, even in these difficult times. With some research, planning, and creativity, you can find ways to make your dream trip a reality. Don’t let the high airfares and naira devaluation stop you from exploring the world and pursuing your goals.

Fortunately for Apiaka, being knowledgeable in economics, she anticipated the economic difficulties ahead and took proactive measures to secure her travel plans. She booked her flight as early as May after paying her tuition, having learned from past experiences with using Form A for foreign currency transactions.

She said, “I had to cut down a lot of my expenses in terms of feeding, clothing, family, etc., just to ensure I can meet up with the current rate and utilise every single penny that comes my way.”

She also revealed the mental stress that came with the entire process, such as waiting for visa approval and preparing for departure. She said, “The mental stress was unbearable at times. The process was not easy at all.”

Another affected traveller, Aisha Abdullahi, told our correspondent that currency fluctuations and the single exchange rate policy were affecting her travel plans. She stated that with her intended budget of N12m, she could only get 12,000 pounds instead of the expected 24,000 pounds.

Abdullahi had been forced to consider alternative arrangements to make up for the significant financial hurdle. She noted that she had to explore selling off properties and liquidating investments.

She highlighted the drastic change in flight prices, with a return ticket now costing between N800,000 to over N1m, compared to the previous rates of N300,000 and above.

She said, “I’m considering flying through Benin Republic, Cotonou Airport to be precise, but I’m trying to weigh the pros and cons that are involved because moving my things from my base in Abuja down to Lagos means incurring some expenses like paying for excess luggage to Lagos.”

She added, “So, I will put all this together and compare it with the air ticket in Cotonou. Then that would give me a clear picture of what I want and make my decision.”