Valued At $3.75 Billion (N571B) Currently Owned By Nigerians

The total cost of private jets acquired by Nigerians has been put at $3.75bn (N581bn), just as stakeholders say the number of such planes in the country has now reached 150.

On the average, each jet costs $25m, and are registered either locally and or in countries such as South Africa or the United States for various reasons. The rising numbers of private jet acquisitions by businessmen, religious leaders and politicians has placed Nigeria as the leading market in Africa according to the Managing Director, GTBank Plc, Mr. Segun Agbaje.

Speaking at the Nigerian Business Aviation Conference 2013 in Lagos yesterday, Agbaje noted that the most popular jets common among Nigerians billionaires are Gulfstream, Bombardier, Global Express, Hawker Legacy and Dassault Falcon. The conference, with the theme: 'The emerging market in business aviation," was organised by the Evergreen Apple Nigeria.

Most of the jets, according to Agbaje, are imported from the United States of America, Canada, Europe, Brazil and South Africa. He, however, noted that banks in the country were yet to invest in aviation industry because of attendant risks involved with commercial aviation.

The bank boss explained that with the involvement of financial institutions, the sector would record a boost. On the mode of acquisition of jets by elite owners Agbaje said cash acquisition of aircraft accounted for 70 per cent of jet purchases, leasing, 14 per cent while direct lending was 16 per cent.

He added: "Aircraft financing is a way to deepen banking relationships with top private customers and corporate organisations, but there are some challenges in the financial institutions as most of us don't realize yet the importance of support for the industry. Nigeria provides a huge opportunity for development in aircraft manufacturing industry. "Risks and problems associated with commercial aviation is one of the problems confronting the sector.

Culled from www.omg.com.ng