Arise Business Correspondent Rotus Oddiri discussed the Lagos-London fare reduction as well as Monetary policy direction in the U.S and Europe and deflation fears in China
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Recently, there has been a buzz in the air travel industry about the significant reduction in airfare for flights between Lagos, Nigeria and London, United Kingdom. The Nigerian airline Air Peace has been credited with offering these reduced fares, which has caused excitement among travelers looking to make the journey between these two bustling cities more affordable. However, while Air Peace may be responsible for these latest price cuts, the real driving force behind the fare reductions lies in the fundamental principles of competition and market dynamics.
Air Peace certainly deserves credit for its efforts to provide more affordable air travel options for passengers traveling between Lagos and London. The airline has been making strides in recent years to expand its route network and improve its service offerings, making it a popular choice for travelers looking for affordable and convenient flights to various destinations. Its decision to lower fares on the Lagos-London route reflects a commitment to providing value to its customers and attracting more business to its services.
However, the reduction in airfare on this particular route is not solely the result of Air Peace’s actions. Rather, it is a response to broader market forces that are driving competition among airlines operating in the region. The growing demand for air travel between Nigeria and the UK, coupled with increasing competition from other airlines, has put pressure on carriers to offer more competitive pricing in order to attract passengers and fill seats on their flights.
In addition, the recent introduction of new entrants into the market, such as Virgin Atlantic and British Airways, has further intensified competition on the Lagos-London route. These established international carriers have the resources and networks to offer competitive pricing and attract a larger share of the market, forcing other airlines like Air Peace to respond with their own price reductions in order to remain competitive.
Ultimately, it is this intense competition and market dynamics that are driving the reduction in airfare on the Lagos-London route. While Air Peace may be the carrier that is currently offering the lowest fares on this route, other airlines are sure to follow suit in order to remain competitive and attract passengers. As a result, travelers can expect to continue to benefit from more affordable airfares on flights between Lagos and London in the future, thanks to the fundamentals of competition and market forces at play in the industry.
Please, nothing like clearing of backlogs, do not cover the punishment they have been inflicting on Nigeria and Nigerians
Happy birthday Rufai. God bless you plenty plenty. This price should affect other routes. Its unfortunate the way we reason.
Thank you Rufia
What sort of fundamentals is this guy talking about? Please off your mic
Why was the price of airfare high but lowered as soon as Air Peace entered into the business?
Since this Rotus verbally fought Rufai on air last year, I have being paying close attention to his analysis. He analysis with emotions attached and like he's easily jealous and hates it when people are given there deserved accolades. If airpeace had not stepped in, all this revelations and price reductions wouldn't have happened and he's there saying it's due to backlogs that was cleared, if truly it's due to the cleared backlogs why didn't this reduction affect every area?
Rufai,
Government officials traveling with Air Peace would be a commendable idea, provided that the Nigerian government settles its dues with the airline to avoid it going bankrupt.
Rotus doesn't understand international business and international politics.
U can claim market fundamentals all u want but it is a fact that air peace was the catalyst to fasten the price reduction of this particular Lagos to London route.