Nigeria has been classified a high-risk nation by aircraft lessors since the fatal Dana Air crash in June. As a result, lessors have raised lease rates on aircraft to Nigerian airlines by over 40%, which is expected to rise to 50%. A Nigerian carrier can expect to pay $200,000 a month for a 737-500, which was previously leased for $120, 000. For NextGen aircraft, lease rates have soared to $280,000 a month. The increase in lease rates, which have been broadly stable from 2006 to June, is adding to the pressures facing the country’s airlines. Insurance premiums have risen too.

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