New Airfares Expected As Air Peace, Ibom Air, Other Airlines Move To Crash Fares

• Nigerian airlines, including Ibom Air and United Nigeria, are adding new aircraft to meet holiday travel
• The decision comes despite high foreign exchange rates and maintenance costs the industry players are facing
• Only 40 of 91 domestic aircraft are operational, and the new fleet additions will help ease the shortage, which has affected fares

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nigerian airlines are expanding their fleets to meet rising travel demand despite high aircraft maintenance costs and forex shortages.

The move is in anticipation of the seasonal rise in passenger traffic during Christmas.

BusinessDay reports that the airlines are pursuing loans and strategic partnerships to boost capacity.

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The decision comes amid a challenging year where fleet sizes dwindled as maintenance costs surged.

The report added that currently, all scheduled airlines put together cannot boast of 40 operating aircraft.

Many airlines had to ground aircraft, either because they could not afford repairs or were bound by the Nigerian Civil Aviation Authority’s (NCAA) maintenance requirements.

The shortage of aircraft has affected fare pricing.

Airlines make moves

Air Peace recently returned its Boeing 737s aircraft from maintenance.

Ibom Air has expanded its fleet with two newly acquired Bombardier CRJ 900 next-generation aircraft, registered as 5N-CED and 5N-CEE. These additions were fully purchased through a shareholder-funded loan.

Also, United Nigeria Airlines boosted its capacity with the acquisition of an Embraer 190 (E190) and is optimistic about adding another E190 by the end of the year. Meanwhile, Air Peace has brought several of its Boeing 737s back into operation following maintenance.

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Another foreign airline begins flights in Nigeria

Earlier, Legit.ng reported that a primary Italian carrier, Neos Airlines, has begun direct flight services from Milan to the Murtala Muhammed International Airport in Lagos.

The airline, which landed at Lagos airport last week with dignitaries from both countries, promised to entrench safety and timelines in its operations.

The Minister of Aviation, Festus Keyamo, expressed joy with the commencement of the flight.

He said the airline has joined the growing number of foreign airlines starting flight services to Nigeria in the past 18 months of Bola Tinubu's administration.

Proofreading by Nkem Ikeke, journalist and copy editor at Legit.ng.

Source: Legit.ng