Transport costs in Nigeria have seen an alarming surge between 2017 and 2024, according to recent data released by the National Bureau of Statistics. This steep rise in transportation fares has left many Nigerians struggling with the basic necessity of mobility, raising significant concerns about the economic policies under President Bola Tinubu’s administration.
From the report, the cost of interstate bus travel has increased by a staggering 404%. In September 2017, the average fare was N700, but by September 2024, this had escalated to N3,790. This drastic increase has made intercity travel unaffordable for many, severely impacting the mobility of low-income Nigerians who rely heavily on bus services for their daily commute and family visits.
Airfares have not been spared either, with a 281% increase over the same period. From N25,750 in 2017, the average airfare now stands at N73,900. This rise has transformed air travel from a convenient option for the middle class into a luxury only accessible to the affluent, further isolating regions like Lagos and Abuja, where major economic activities occur.
Even water transport, which serves as a vital link for communities in riverine areas and for goods transport, has seen its fares increase by 149%. From N440 in 2017, the fare has climbed to N1,096. This not only affects individual travel but also has ripple effects on the cost of goods transported via waterways, contributing to higher consumer prices.
The transport fare hikes are not just numbers but represent a broader economic malaise. The implications are far-reaching; Increased Poverty and Inequality: With transport costs consuming a larger portion of personal income, the disposable income of many Nigerians has dwindled, exacerbating poverty levels.
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Also, high transport costs reduce the mobility of goods and people, leading to decreased economic activity and job losses, particularly in the transport sector which has stifled economic activity in the country.
But more importantly, the rise in transport costs feeds into the general price level, contributing to inflation, as businesses pass on their increased logistics costs to consumers.
Public sentiment is one of frustration and despair. Many argue that these increases are a direct consequence of poor economic planning and a lack of effective policy measures under President Tinubu’s administration. Critics point to a lack of investment in public transport infrastructure, inadequate subsidies for public transportation, and a failure to address the root causes of inflation, such as currency devaluation and fuel subsidy removal.
In response to the criticism, the government has promised to review transport policies and explore subsidies or fare caps, especially for essential routes. However, skepticism remains high among the populace, with many calling for immediate action rather than promises.
As Nigeria grapples with these economic challenges, the need for robust, forward-thinking policies has never been more urgent. The government must prioritize investments in transport infrastructure, explore alternative energy sources to reduce fuel dependency, and implement measures to cushion the economic blow to the most vulnerable populations.
The statistics from the National Bureau of Statistics serve as a stark reminder of the economic hardships faced by Nigerians and the urgent need for policy reform. If left unaddressed, the mobility crisis could further deepen the economic woes of the nation, pushing more families into poverty and stifling economic growth.
