Market News

By Kelvin Osa Okunbor

Nigerian operators are seeking more participation in the global luxury travel market estimated to grow by $1,232.77 trillion between 2021 and 2025 as increasing demand for private travel/seats sharing is pushing high networth individuals to patronise business jet services.

Experts rate Nigeria as one the biggest business jet markets in the world with huge potential yet to be fully exploited, because of brokers who do not disclose the full value of charter to owners of aircraft.

There are over 197 business jets acquired for personal/corporate/charter luxury services in the country.

In the last few years, Nigerians spent over $6.5billion on business jets, making it the largest market in Africa for luxury aircraft and one of the fastest growing in the world.

As the global travel industry picks up following increasing number of people vaccinated with contactless checking in place at airports and possibilities of reduced health/safety risks operators are now exploring digitalised processes which would enable high net worth individuals and other high end travel users book for and pay for luxury travel services without third party players.

Also, Chief Executive Officer, Zuma Jets, Captain David Augustine, said the size of the luxury travel market was increasing because more high networth individuals were coming to terms with the need to travel in smaller groups with people they know and trust.

Besides, the pilot said such people with sufficient disposable income were increasingly realising the need to avoid the crowd.

He said it is such realities that were creating a growing brand of people looking for new holiday resorts using business jets

The pilot said: “Nigeria is the third biggest private/ business jet market in the world. Despite the huge volume of the market, operators are yet to fully scratch the surface of the market. With the right strategy and partnership and relevant regulatory support the market could grow faster.

”Part of the ways to accelerate the growth of the industry is for the regulator to explore policies that would grant approval for seat sharing to allow more people to utilise business jets, then the operators could earn more money.This would require rejigging of the licensing policy to allow for more operators in the sector, who with the right partnership will deliver quality services.”

Also, Chief Executive Officer, Jet West Mobility, Mr Nwachukwu Dikko, said luxury travel was gaining more traction because there were digital solutions being provided to resolve many travel anxieties.

He said the pandemic, though devastating, also created a window for players in the luxury travel space to rethink their strategies on how to navigate around hurdles, including restrictions and other obstacles imposed on scheduled transportation.