Nigeria’s waterway passenger transportation sector witnessed a significant rise in fares, as the average cost increased by 3.16% year-on-year in June 2024.
The latest figures from the bureau of statistics show that the average fare climbed from N1,366.22 in June 2023 to N1,409.33 in June 2024.
This represents a month-on-month increase of 1.69% from N1,385.95 in May 2024, highlighting a continuous upward trend in the cost of waterway transport across the country.
The NBS noted that the increase in fares is reflective of several underlying factors, including rising operational costs, fluctuating fuel prices, and heightened demand for alternative transportation methods amid road congestion and infrastructure challenges.
The data reveals that the cost of waterway transportation is not uniform across the nation, with significant variations observed between different regions and states.
The South-South region recorded the highest average fares. Bayelsa State emerged as the most expensive, with an average fare of N4,550.21 in June 2024.
This is followed closely by Delta State, where passengers paid an average of N4,255.98, and Rivers State; N4,025.00, reflecting the region’s heavy dependence on water transport for both personal and commercial activities.
The South-South region’s fare increase was relatively modest on a monthly basis, with a 1.63% rise from May 2024. However, the yearly increase of 1.39% indicates a consistent upward trend driven by economic activities in the region, particularly in the oil-rich states.\
The North-Central region also experienced a notable rise in waterway transport costs, with the average fare reaching N1,017.07 in June 2024. This represents a 3.18% increase from May 2024 and a 5.47% rise compared to June 2023.
In the South-West, the average fare was recorded at N1,365.88, reflecting a 1.18% month-on-month increase and a 7.13% year-on-year rise.
The South-West region, including states like Lagos and Ogun, has seen growing demand for water transport as a means to circumvent the heavy traffic congestion that plagues the region’s urban centers.
The fare increase in this region is one of the highest in percentage terms, underlining the growing importance of waterway transportation.
The South-East region recorded an average fare of N937.11 in June 2024, marking a 1.42% increase from the previous month and a substantial 6.49% rise year-on-year. The region, according to the data has seen steady growth in waterway transport, driven by the need to provide alternative routes in the face of deteriorating road conditions. The fare increase reflects the region’s gradual adaptation to water transport as a viable option for both intra and inter-state travel.
In contrast, the North-East and North-West regions reported more modest fare increases. The North-East region saw the average fare rise to N785.72 in June 2024, a slight 2.26% increase from May 2024 and only 0.30% higher than June 2023.
Similarly, the North-West region recorded an average fare of N848.08, representing a 0.62% month-on-month increase and a 1.48% rise year-on-year.
Borno State recorded the lowest average fare for waterway passenger transport in June 2024, at just N445.76. Gombe and the Federal Capital Territory (FCT) followed, with fares of N565.67 and N650.55, respectively.
