Nigeria ranks as the fastest growing private jet market in the world

Updated: September 17, 2012

Which country would you pick as the most rapidly growing private jet market? In all likelihood, you would say a first-world country. But, apparently, that isn’t the case.

According to research from Punch, Nigeria is the fastest growing private jet market in the world for the last five years. Based on figures, Nigeria’s upper class has spent more than $6-billion on private jets during the timeframe—more than tripling private aircraft ownership in the process.

The findings also indicated that Gulfstream, Bombardier, Global Express, Embraer, Legacy, and Hawker are among the most popular jet brands in the country.

Based on an article from Bella Naija, these jets are being purchased by politicians, oil magnates, and other businessmen. Most of them buy these jets from foreign companies, making it difficult to trace the purchase.

Interestingly enough, Adeola Adeyemo of Bella Naija used the figures to identify key economic points for Nigeria: “It is indeed saddening that in a society where people have several private jets, many cannot afford 3 square meals! This brazen show of wealth has pushed many into heinous crimes and money making rituals. I have no grouse with the fact that some people can afford private jets. In fact, if some people are making that kind of money in Nigeria, then it should be an indication that our economy is thriving.”

Adeymo continued: “However, with corruption practices and a production system that ensures the rich get richer and the poor get poorer, the trend of rising private jet ownership in the country isn’t something to rejoice about.”

Source: Bella Naija

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