Business aviation gradually taking root in West Africa
June 28, 2016
West African nations are gradually becoming business aviation hubs as a result of resource-driven economic transformations in the region. This is according to an assessment by the Middle East-based Amaka aviation company. Amaka particularly singles out Nigeria’s thriving private business aviation market. A market which is experiencing accelerated activities due to increased oil production operations.
From Oil to Business Aviation
The oil industry has largely been responsible for driving growth in West Africa. Some of the countries that have been in the oil production industry for a long time have been increasing their production output in recent years. These include Nigeria and Equatorial Guinea. In 2010, Ghana joined the region’s oil industry major players in oil prospecting. Along with drilling, production, refining, exporting and transportation. This has expanded the logistics and operations domains of companies working in these countries.
Aviation industry analysts have long corroborated projections that West Africa has immense private aviation investment opportunities. Many of which remain unexploited. The Arabian Aerospace Online News Services website quotes Amaka Chairman Promise Uzoamaka as saying:
“For years, energy executives in Africa and the Middle East have saved time and money by sourcing private jets to reach remote areas. Private jets are a necessity in the oil and gas industry’s transportation.”
Africa’s aviation industry is also set to reap big rewards from the transformation of national and regional aviation regulations. Regional blocks such as the Economic Community of West African States (ECOWAS) are driving the adoption of regional regulations. It is thought that these will attract low-cost carriers to set up shop in member countries. These efforts have seen Africa’s aviation industry earn positive ratings and projections from leading industry players. For example, Uzoamaka said:
“Embraer recently released its market outlook for Africa, which forecasts that the region will take delivery of 240 new jets in the 70 to 130-seat segment. Over the next 20 years. The 70 to 130-seat jet fleet in service is estimated to grow from the current 120 units to 260 by 2034.”
In conclusion, these positive indicators underscore the immense opportunities that Africa’s aviation industry can offer prospective investors. This news should draw attention to the reality that the private aviation industry in Africa will soon be competitive. Along with being profitable for investors from global destinations, as a result.