Nigerians’ spending on foreign air travel plunged by 30% over a two-year period, falling from $3.78 billion in 2022 to $2.66 billion in 2024, according to findings from Central Bank of Nigeria (CBN) data. This decline, experts say, reflects the growing economic strain on citizens, driven by unprecedented inflation and a sharp depreciation of the naira.
In 2023 alone, foreign travel spending dropped by 18% to $3.09 billion from $3.78 billion in 2022. The downward trend continued in 2024, with another 14% drop to $2.66 billion, bringing the total two-year decline to $1.12 billion.
Aviation experts attributed the fall primarily to the 244% depreciation of the naira — from N450.71/$ in early 2023 to N1,553.73/$ in 2024 — and the inflation rate surge from 21.34% to 34.8% over the same period. These macroeconomic factors, coupled with forex scarcity, high fuel prices, and airlines’ pricing in dollars, significantly reduced the affordability of international travel for most Nigerians.
Commenting on the trend, Managing Director/CEO of Aero Contractors, Capt. Ado Sanusi, said inflation and currency devaluation have eroded the spending power of the middle class, pushing air travel into the category of luxury expenditure.
“The cost of living has escalated. People now prioritize essentials over discretionary spending like air travel,” Sanusi noted. “High aviation fuel costs, forex constraints affecting maintenance, and aircraft leasing have driven up ticket prices.”
Experts also pointed to tighter immigration rules in key destination countries such as the UK, US, UAE, and South Africa. Nigeria’s removal from the E-visa and visa-on-arrival lists by some countries further deterred international travel, especially for leisure and short-term visits.
General Secretary of the Aviation Safety Round Table Initiative, Mr. Olumide Ohunayo, noted that many Nigerians now prefer domestic travel due to these visa restrictions and cost concerns. “The international routes have been the worst hit,” he said.
Funmi Adebowale, Head of Research at Parthian Partners, emphasized the structural impact of naira liberalization in 2023 on the aviation sector.
“Aviation is highly exchange rate-sensitive, with operators relying on dollars for fuel, maintenance, and international operations,” she said. “The naira’s weakness alone accounts for nearly half of the revenue decline.”
Adebowale added that ongoing economic hardship — inflation at 23.71% as of April 2025 and stagnant wages — has reduced travel to a luxury few can afford, contributing up to 35% of the drop in passenger numbers.
Former Public Affairs Manager at Nigeria Airways and CEO of Belujane Konzult, Mr. Chris Aligbe, said the issue lies in the lack of disposable income. “People are struggling to feed themselves; they don’t have the means to fly,” he stated.
Dr. Rex Okunor, Director of Safety & Quality at Afrowings Aviation, echoed this view, noting that air operations are largely dollar-dependent. “Crew training, aircraft maintenance, and certifications all require foreign currency. The weak naira has made everything costlier,” he said.
He also highlighted that declining foreign reserves and stagnant worker salaries are squeezing household budgets, further eroding demand for air travel.
While some stakeholders remain cautiously optimistic, others predict further decline unless there are significant economic improvements.
Adebowale believes reforms at the CBN and local production of aviation fuel may bring some relief, though weak consumer demand remains a challenge.
Sanusi foresees a rebound if inflation subsides and the exchange rate stabilizes. “Air travel demand is tied directly to economic conditions. Improve the economy, and travel will pick up,” he said.
Ohunayo, however, remained skeptical: “Capacity is shrinking, and we are halfway through the year. I don’t expect any significant recovery until at least 2026.”
Similarly, Okunor warned that without structural changes, the trend would likely worsen. “If the economy doesn’t improve, expect further declines in 2025 and 2026,” he said.
The current trend underscores the deep economic challenges Nigeria faces and their ripple effect across critical sectors like aviation, which are vital to international connectivity and economic growth.