Nigerian Aviation Minister Hadi Sirika has announced that Ethiopian Airlines has finally been selected as the strategic partner and 49% shareholder of Nigeria Air.
Ethiopian is to invest US$300m (R5,4bn) in the West African carrier, according to Simple Flying.
A breakdown of stakes showed that outside ET’s 49% stake, the federal government of Nigeria will control 5% equity, and the rest will be held by private and institutional investors.
Nigeria Air says it will operate to its full capacity of 30 aircraft and international operations within the next two years.
The airline will initially launch with three Boeing 737-800 aircraft (from ET), with a shuttle service between Abuja and Lagos. Other domestic destinations are planned to follow.
According to Sirika, a signature-ready contract has been finalised with Ethiopian Airlines for the three Boeing 737-800s, configured with 16 business-class and 150 economy-class seats.
