Despite the economic challenges in Nigeria, the number of private jet owners in Nigeria seems to be on an increase rather than a decrease. this leads one to ask, where do these people get the money? and How much does it cost to buy a private jet in Nigeria?
Well, I have asked these same questions and then I did a survey and got some information on the cost of these private jets in this part of the world and getting a new one or hire for personal use.
Considering the long lines in airports, delayed flights, and small-sized seats, the number of private jet owners have been on an increase due to these reasons.
According to Statista, between 2017 – 2019, the number of private jet owners have increased by 70%. This sums up all I mentioned earlier.
The cost of buying a Private Jet in Nigeria
The price for a brand-new private jet in Nigeria ranges from ₦2billion – ₦36billion Naira (Prices vary based on size and number of seats in the private jet). The costs don’t stop there. Once the plane is purchased, the largest expense for owners is aircraft maintenance, which can cost from hundreds of thousands to several millions of dollars a year. A brand new jet is expensive but will come under full warranty to cover any repairs or replacements within the first few years of ownership.
Though secondhand jets are cheaper, they still cost millions of dollars. For perspective, a pre-owned Gulfstream G650ER, the company’s flagship private jet, costs ₦13.4 Billion to ₦19 billion on the Gulfstream website. With extras and customization, the price can soar to hundreds of millions of dollars.
Given the costs, it’s easy to see why so few opt for private ownership. The purchase price of a private jet represents only a fraction of the cost of owning one. Maintenance and repair costs depend on the size of the aircraft but typically range from ₦200 Million to ₦1.6 Billion per year.
The price of a private jet depends on its size, the number of passengers it can hold and the distance it can fly. Because of that, fuel is one of the highest costs for jet owners. Planes with larger fuel tanks for long-range flights require more fuel. For example, Bombardier Global 8000 has a fuel capacity of nearly ₦25 Million.
How much does it cost to hire a private jet in Nigeria?
While renting a private jet is considerably more expensive than flying on a commercial flight, it is still much cheaper than buying your own jet. Flights on private jets are charged by the hour.
Prices vary depending on the size of the jet, length of the flight and the number of people on board. The typical cost is between ₦1,200,000 – ₦4,000,000 to rent a private jet in Nigeria for an hour.
Unlike commercial airlines, private jets have the advantage of operating from a large number of airports which change based on client requirements.
In Nigeria, one can pay for a private jet charter in Naira. However, the preferred currency is US Dollars. One can make payment using their VISA debit and credit cards, MasterCard, Bank drafts/deposit Etc.
In case a flight departure destination is very far from the home base of the jet, the re-positioning costs will be included in the overall charter price.
Lastly, most private jets provide refreshments for their clients/customers on board.
How to Buy a Private Jet through Leasing
If you’re not quite ready to purchase a private jet, consider leasing, which has many of the same benefits of owning a private jet. Leasing a private jet is similar to leasing a new car, with the option to sign a lease from several months to several years. Most aircraft companies allow you to choose between a few different types of leases:
- Wet lease: The lessor pays for the aircraft itself and at least one crewmember. Wet leases are a more expensive option because of the added cost of paying for a pilot or crewmember services.
- Dry lease: The lessor pays for the aircraft without the cost of a crew but is required to use their own crewmembers. This is a cheaper option if the lessor already has a pilot and crewmember they can hire for flights.
Leasing a private jet is also a great way to test out different aircraft before making the full investment in purchasing one. And because lessors don’t legally own the aircraft, they don’t have to deal with depreciation or reselling the plane if they decide to purchase a new one.