Nigeria Travel Agencies Report 40% Drop in Ticket Sales for Last Quarter of 2023

The National Association of Nigeria Travel Agencies (NANTA) has revealed a significant decrease in ticket sales during the last quarter of 2023, with a reduction of 40% compared to the same period in 2022.

Susan Akporiaye, President of NANTA, attributed this decline to various factors, including challenges with accessing foreign exchange, exchange rate fluctuations, and restrictions on lower inventories from airlines operating in Nigeria.

Akporiaye explained, “The difficulties in obtaining foreign exchange and restrictions imposed by airlines due to forex availability contributed to the decline in sales from Nigeria. Our members had to adopt survival strategies.”

She further elaborated that while passenger traffic remained relatively stable, the drop in ticket sales was notable. Akporiaye emphasized the trend of redirecting sales to other markets, such as Ghana, where airlines maintained lower inventories, resulting in a shift of revenue attribution away from Nigeria.

Speaking at the pre-48th Annual General Meeting (AGM) of NANTA in Lagos, scheduled for April 23 through 27, 2024, Akporiaye highlighted the challenges faced during her tenure, including issues with trapped funds of foreign airlines, restricted inventories, and forex instability, which impacted passenger volumes at Nigerian airports.

NANTA, comprising approximately 1,500 members recognized by the International Air Transport Association (IATA) and 2,000 members recognized by the Nigeria Civil Aviation Authority (NCAA), has been working to address industry challenges and promote professionalism within the travel agency sector.

The upcoming AGM will feature keynote speeches from distinguished speakers, including the Namibian High Commissioner to Nigeria, Humphery Geiseb, and Nigeria’s Ministers of Aviation and Aerospace Development, Festus Keyamo, and Tourism, Lola Ace-John. Additionally, industry leaders like Air Peace Chairman Allen Onyeama and Akwaaba Travel Market Founder Ikechi Uko will share insights on collaborative strategies and investment opportunities within the travel and tourism sector.

NANTA also plans to unveil an Intra-Africa Tourism Trade Exhibition during the event, aiming to establish a sustainable platform for connecting Africa and Nigeria with global tourism markets.

Previous post NACCIMA Advocates for Duty Collection in Naira Amidst Currency Collateral Policy Directive
Next post Analysts Forecast Volatility in Nigerian Equities Market for Q2 2024

Leave a Reply

Your email address will not be published. Required fields are marked *