It has emerged that the Nigerian air travel market has become a huge windfall for leasing companies as they rake in millions of dollars from Nigerian airlines.
According to THISDAY investigation, after the lockdown in 2020, Nigerian operators suffered under capacity, as fewer aircraft seats were available for increasing passenger traffic.
The unfortunate development jerked up the airfares, such that by April 2021, tickets were going for N60, 000; N80, 000 for Economy, one hour flight.
Industry sources told THISDAY that since 2020, Nigerian airlines have leased about 17 aircraft, which boosted their capacity and enabled them to meet the high demand of the 2021 Christmas season.
However, it was learnt that airlines had to pay a prohibitive high rate of about $7 million a month.
It was learnt that lessors give out these aircraft to Nigerian carriers at high exorbitant rates, citing country risk; which industry observers argue could be the highest rates among countries that are not…
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