Nigeria has one of the world’s fastest-growing private jet markets. And with this in mind a number of global private jet companies are targeting the west African nation where the number of super rich has more than triple in the last five years.
According to a BBC News report, Nigerians have spent over $6.5 billion in buying private jets, but the exact number is not clear since some of these are registered in foreign countries to avoid paying taxes and for maintenance purposes.
Industry insiders say Nigeria’s private jet owners prefer it this way because aircraft lose their resale value if they are registered in Nigeria over fears of maintenance standards.
“It’s certainly a market that is growing very fast. The Nigerian market for business jets has been booming a lot over the last couple of years. We came here about three and half years ago and there were three or four planes on the tarmac, today to we see 20, 30, 40 airplanes,” Thomas Flohr, founder and chairman of Vistajet Global Tour told CNBC Africa.
For those who can’t afford their own planes, Nigeria’s chartered flights business is also booming, attracting international companies such as Hanger8 and VistaJet.
According to Robert Habjanic, sales director at plane manufacturer Bombardier Business Aircraft, African’s are expected to buy at least 810 private business jets over the next two decades.