Nigeria to need up to $300m for new national carrier-document

Nigeria’s new national airline will require initial capital of between $150m-300m, and the government is seeking a strategic partner to operate the carrier, the government stated Thursday. The West African country’s previous national carrier, Nigeria Airways, was founded in 1958 and wholly owned by the government. It ceased to operate in 2003. Hadi Sirika, minister of state for aviation, on Wednesday said the government would not own more than five percent of the new carrier, called Nigeria Air. The government plans to launch the airline in December, making good on President Muhammadu Buhari’s election campaign promise. Decades of neglect and lack of investment have left Nigeria with low-quality infrastructure seen as a hurdle to prosperity. The government has said that upgrading it will require private investment. “The initial capital is likely to be in the range of $US 150 to 300m, invested in tranches over time from start up through the first years of operation,” a government document stated. It said the government will provide initial capital but did not state the sum or give further details.<br/>