Lagos - Nigeria has overtaken South Africa as Africa’s largest market for private jets and one of the fastest growing in the world.
The increase in the ranks of wealthy Nigerians and competition among the rich in the country have encouraged the rise of acquisition of customized jets, reports New Telegraph.
The irony, however, is that virtually all these private jets carry foreign registration, a situation, which denies the Nigeria Civil Aviation Authority (NCAA) of huge revenue.
The decision to register the jets in foreign countries is said to be informed by the notion that in case the owners want to resell the jets, they would warrant a bigger value from buyers.
Read more at New Telegraph.
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