So, it doesn’t matter what you think, Nigeria’s new national carrier is set to start operations by December.

Even if your outstanding salaries remain unpaid and you are forced to stay on that long queue to see the doctor at your community health centre; Nigeria Air must fly!

The new national airline will require initial capital of between $150 million and $300 million, that is about 54 billion and 108 billion naira to successfully start off.

This is in additional to the required strategic partnership needed, according to a document seen by Reuters on Thursday.

The Minister of State for Aviation, Hadi Sirika, on Wednesday said the government would not own more than 5% of the new carrier.

He made the comments while providing details of the airline at the Farnborough air show in London, England.

Also Read: IMF Predicts Stronger Growth For Nigerian Economy In Second Half Of 2018

The government plans to launch the airline in December, making good President Muhammadu Buhari’s election campaign promise.

“The initial capital is likely to be in the range of $150 million to $300 million, invested in tranches over time from start up through the first years of operation,” the government document stated.

It noted that the government would provide the initial capital but did not state the sum or give further details.

The government will “facilitate the process for opening up the capital of the airline to private sector financial investors,” the document added.

Try again

A private operator, sought through a Public Private Partnership process, would manage the airline without interference, it stated.

Nigeria Air will serve domestic and international markets and is expected to have a fleet of 30 aircraft in five years with hubs in Lagos and Abuja.

Liked this story? Don't forget to share with your friends

Also Watch: