For the global private jet market, it is boom time in Nigeria where the nation’s wealthy elites have taken to private jets as their latest fad. The use of private jets in the country has been on a steady rise, and in most emerging market countries is often a symbol of rising economic prosperity as middle class members of society move up the class ladder to join the super rich. Last year, Nigeria is estimated to have been home to about 70 private jets. This year, the number is rumoured to have ballooned to about 130 with the country being marked as being the fastest growing market in the world for private jets after China.
Popular brands include the Bombardier and Gulfstream and between 2007 and 2012, expenditures on private jet are said to have ballooned by over 650% valuing the Nigerian private jet market at about $7.5 billion.
Who are the owners of these private jets? For now politicians, oil magnates and business moguls. However, other wealthy citizens such as music stars have started to aspire to the ranks. Recently, Nigeria’s Africa music sensation, P-Square struck a deal with a private jet company to rent their jets for their shows and engagements across the continent.
Only this past Thursday, a team of officials from Bombardier led by its Sales Director for Africa, Mr. Robert Habjanic visited Lagos. According to Habjanic, Nigeria is the company’s largest market in Africa with about 35 Bombardier-made business aircrafts currently flying its airspace.
Other private jet manufacturers are witnessing a similar uptake in numbers in Nigeria. The average private jet costs $35-$40 million.