The COVID-19 epidemic has had far-reaching implications for numerous businesses around the world. It has been a difficult effort for many businesses to recover from the business downturn caused by the pandemic. The airline sector was not spared from this conundrum, as the lockdown and anxieties of people sitting next to one another nearly brought the industry to a halt. The industry is slowly but steadily recovering.
However, as compared to the commercial airline business, the developments in the private jet market are more favourable. With the heightened fear of getting COVID-19, and because private planes allow for limited interaction with other passengers on the flight and in the airport, many powerful people around the world have switched to the usage of private jets.
Aside from lowering their risk of getting COVID-19, wealthy individuals over the world have realized how much time and aggravation they may save by bypassing commercial airports and the usual inconveniences such as flight cancellations and limited destinations.
Private pilots can set their own schedules and fly directly to smaller cities. Thus, for the wealthy, flying in a private aircraft is no longer considered a luxury but rather a tool for increasing production and cost-efficiency.
With the epidemic, more wealthy individuals want to enjoy the benefits of private aviation, and because some of them have already been exposed to the benefits of private plane travel, their rising demand is anticipated to push the private jet industry. Plane makers, too, are responding to increased demand by continuing to bring out new planes with several advances in order to boost sales.
Nigeria’s aviation market is still fairly modest in comparison to other parts of the world. According to Forbes, 120 private planes worth more than $6.5 billion were purchased into Nigeria between 2007 and 2012. Pastors and politicians were among those who purchased the luxury planes, in addition to wealthy business owners.
According to Punch, Forbes stated that Nigerians spent $6.5 billion on private jets in 2014, making it one of the top markets in Africa for luxury aircraft and one of the fastest-growing in the world. Over 100 private planes are claimed to be in operation in the country, many of which are owned by the country’s ever-expanding number of corporate tycoons.
The recognition of what private aviation has to offer has fueled the Nigerian private jet sector. Unfortunately, as seen globally, the COVID-19 pandemic slowed demand growth and investment intentions in this area.
In an unexpected turn of events, the pandemic has inspired more affluent people to join the fray, as well as some middle-class people who were previously uninterested in private jets. This is partial because private jets allow them to engage with fewer people, minimizing their risk of contracting the coronavirus and cutting flying durations.
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