Felix Onuah

ABUJA, (Reuters) – Nigeria intends to establish a new national airline within the month of April. Hadi Sirika, Minister of State for Aviation, stated Wednesday that it will try to sell a portion to a foreign airline, financial institution or airline.

This plan was one of President Muhammadu Buhari’s campaign promises for 2015. It has been discussed and rejected. It was suspended by the government in 2018 without any explanation.

Sirika indicated that government officials will seek a strategic partner to purchase a 49% interest in Nigeria Air. While the government will not hold more than 5% of the new carrier, local entrepreneurs will own 46%.

He stated to reporters that the best scenario was for the airline to pick up… April 20,22, provided all other things are equal.” He spoke after an Abuja cabinet meeting.

According to the government, initial capital for an airline would need to be between $150 million-300 million.

Nigeria is seeking to establish a national airline, and to develop its aviation infrastructure. This has been viewed as an obstacle to economic growth.

However, Nigeria’s infrastructure is of poor quality due to decades of neglect and insufficient investment. According to the government, private investments will be required for its improvement.

Nigeria Airways, the former national carrier of West Africa’s country, was created in 1958. The government owns all rights to it. In 2003, it ceased operations.

Richard Branson, the British billionaire who founded Virgin Nigeria International Airlines in 2000 and Virgin Nigeria Domestic Airline in Nigeria was dissolved in 2010. He claimed that he felt frustrated by interference from politicians and regulators.

According to Reuters, the airline he founded, later renamed Air Nigeria, was closed down in 2012. It had accumulated debts of approximately 35 billion naira (85.4 million dollars) that made it unable pay its staff.

($1 = 409.6300 naira)