The products were introduced at a recent event in Lagos where the company unveiled its operational business units.

Falcon Aerospace’s business model, according to CEO Chukwuerika Achum, stems from increased demand for business aviation by more Africans doing business across and outside Africa, as well as non-Africans flying into the continent for business and tourism.

“We are proud of our African origin and are deeply committed to the continent’s development. As an organization with deep African roots and values, we possess a significant understanding of the business terrain in Africa,” said Achum.

He added that the company’s obsession with innovation has led it to create products targeted at delivering more value to customers.

“Operating through our business units, we aim to make a difference in an often exclusive and elusive market via the delivery of excellent customer service, an adaptation of technology, inclusive customer targeting, and continuous innovation”

Falcon Aerospace’s business units unveiled at the event are Vivajets, CharterXE, and FlyPJX.

Vivajets is a full-business aviation company providing a wide range of services including charter brokerage, fractional ownership, Aircraft management, sales and leasing, consulting, and training.

Vivajets is the company’s operational brand, and it will work with regulators and other key industry stakeholders to obtain the permits, certifications, and licenses required for the group to operate. CharterXE is an automated private jet booking platform that provides digital access to the company’s charter brokerage services.

CharterXE, which is available as a mobile app and on the web, uses cutting-edge technological innovation to eliminate all of the physical hassles associated with booking a private jet.

TechEconomy obtained a study titled “Nigeria’s Aviation Industry Customer Satisfactory Survey Report 2022” that stated that in the first half of 2022, the price of jet fuel increased by 70 percent.

According to the study, the statistics showed the biggest increase in jet fuel since 2022.

Additionally, it stated that the higher cost of jet fuel was a big issue for airlines during the first half of 2022.

“Fuel is the industry’s largest cost item with $192bn in 2022. The ongoing war in Ukraine, which keeps prices for Brent Oil high, continues exacerbating the situation. The increased jet fuel price now represents a significant challenge for airlines in the first six months of 2022.

Jet fuel prices rose more than 70 percent, indicating one of the steepest jumps in jet fuel prices since 2022. The rise in jet fuel is driven by the soaring crude oil price following Russia’s invasion of Ukraine in February 2022, when the Brent crude oil price rose by 11 percent.”

The report said that Airbus was facing challenges in improving its production rate of the A320 family to 65 percent in mid-2023.

It added that Boeing had a massive overhang of already-built parts in inventory.

“Particularly with the 787, there remains a lack of certainty around production. However, supply chain bottlenecks cascade throughout the aerospace industry, hitting companies such as single-engine light aircraft manufacturers such as Cirrus-Aircraft.”

In the report, PCL lamented high marker exit by both domestic and foreign operators.

“It’s traceable to mismanagement of funds, poor safety compliance, limited infrastructure, and stifling regulatory policies.”