BREAKING… Nigeria unveils name of new airline in London

The Federal government on Wednesday in London unveiled the new national carrier to be known as Nigeria Air.

Fifteen years after the old Nigeria Airways stopped operations in Nigeria, the Nigerian Government officially unveiled the name and logo of the country’s new flag carrier, even as it is yet to procure any aircraft for the airline.

The new National Carrier is named Nigeria Air, it “will bring Nigeria closer to the world,” the Presidency said.

Performing the ceremony at the Farnborough International Public Airshow in London, Minister of State for Aviation, Sen. Hadi Sirika, said the federal government would not draw into the business.

“It is a business, not a social service. Government will not be involved in running it or deciding who runs it. The investors will have full responsibility for this,” he said.

Sirika, in a tweet via his official Twitter handle, yesterday, said he had negotiated Aircraft orders with Airbus of Farnborough and planned to meet with Boeing and other suppliers.

Earlier this month, the minister disclosed that the airline would begin operations before the end of the year, noting that the country would take delivery of the first set of five airplanes for the airliner on December 19.

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“We intend to get a 30 aircraft market in five years. But we will begin with five aircraft on the day of launch,” he said.

Last week, the Director General of Infrastructure Concession Regulatory Commission (ICRC), Chidi Izuwah, explained that the government would bring its contribution to kick start the airline, adding that the amount of equity the partners would hold would determine government’s contribution.

According to him, start up cost over the next three years is about $300 million, but pre-start-up is $8.8 million.

“The rest of the investment will be equity injection which will happen in tranches because you do not need all the monies at once.

“Though, you need that initial government financial to make it take off, but what is important is that the national carrier will be entirely private sector controlled.

“There will be zero government interference. But if that happens, it invalidates the certificate (Outline Business Case Certificate of Compliance for the establishment of the airline) and the entire process,” he said.

The former Nigeria’s National Carrier, Nigeria Airways, which was established in 1958, liquidated in 2003, leaving Air Nigeria, founded as a joint venture between Nigerian investors and Richard Branson’s Virgin Group and later ceased to operate in 2012, as successor.

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