Transport Fare Analysis for September 2024: Trends Across Nigeria

Transport fare fluctuations are crucial indicators of economic stability and consumer spending patterns. In September 2024, Nigeria’s transport fares showed mixed trends across different transportation categories. This analysis breaks down the major fare changes and highlights regional differences.

City Bus Transport Fares

The average fare for bus journeys within cities rose to ₦899.31, marking a 3.45% increase from August 2024’s ₦869.35. However, compared to September 2023, the fare has decreased significantly by 32.38% from ₦1,329.94. This significant year-on-year drop suggests that some measures may have been taken to control intra-city transportation costs, despite minor monthly increases.

• Highest city bus fare: Zamfara recorded ₦1,180.70.
• Lowest city bus fare: Adamawa had the least at ₦443.17.

Intercity Bus Transport Fares

For intercity bus travel, the average fare per person was ₦7,175.06 in September, reflecting a 0.22% increase from August’s fare of ₦7,159.00. Compared to the previous year, fares went up by 21.26% from ₦5,917.16. This steady rise points to ongoing cost pressures, possibly driven by fuel prices or increased demand for travel between states.

• Highest intercity fare: Anambra had the highest fare at ₦9,587.27.
• Lowest intercity fare: Kwara recorded the lowest at ₦5,579.42.

Air Travel Fares

The cost of air travel continued to rise, with the average fare for a single journey reaching ₦124,693.40 in September 2024. This represents a 0.80% increase compared to August’s ₦123,700.14 and a 57.81% increase from September 2023‘s fare of ₦79,013.48. The surge in air fares can be attributed to rising fuel costs and operational challenges in the aviation industry.

• Highest air fare: Abuja topped the list with ₦129,600.00.
• Lowest air fare: Zamfara had the lowest fare at ₦96,969.78.

Motorcycle (Okada) Transport Fares

The average fare for motorcycle (Okada) transport per drop was ₦532.00, which represents a 1.48% increase from August 2024‘s ₦524.22. On a year-on-year basis, the fare decreased by 26.04% from ₦719.26 in September 2023. This decline indicates a potential reduction in demand or improvements in transport conditions in certain areas.

• Highest Okada fare: Lagos led with ₦927.07.
• Lowest Okada fare: Anambra had the lowest at ₦318.95.

Water Transport Fares

Waterway passenger transport fares averaged ₦1,468.23 in September, which is a 1.30% increase from August. On a year-on-year basis, the fare went up by 4.36% from ₦1,406.84 in September 2023. This increase might be due to rising operational costs or infrastructural improvements in water transport routes.

• Highest water transport fare: Bayelsa recorded the highest at ₦4,573.16.
• Lowest water transport fare: Borno had the lowest at ₦471.01.

Regional Fare Trends

• South-West: Recorded the highest average fare for city bus journeys at ₦933.10 and the highest for air travel at ₦126,013.30.
• North-East: Had the lowest fares for water transport at ₦839.12.
• South-South: Dominated the highest intercity bus fare average at ₦7,673.87.

These transport fare fluctuations highlight regional disparities and reflect broader economic conditions, such as fuel price changes, inflation, and regional infrastructure developments. Monitoring these trends is crucial for understanding consumer mobility and the economic pressures faced by Nigerians.

Conclusion

September 2024 showed both increases and decreases across various transport categories. Air travel remains the most affected, with significant fare hikes year-on-year, while city and motorcycle transport show efforts to reduce costs over the same period. Regional differences continue to influence fare structures, making transport a key area for both policy focus and consumer budgeting.