Ethiopian Airlines emerges main investor in Nigeria Air with 49% shareholding

The Federal Government of Nigeria says it has selected Ethiopian Airlines (ET) Consortium as preferred bidder for the new Nigeria Airline.

The Minister of Aviation, Sen. Hadi Sirika disclosed this during a media briefing in Abuja, Nigeria’s capital.

The airline was one of President Muhammadu Buhari’s 2015 election campaign promises.

According to the Minister, Ethiopian Airlines will own a 49% stake in the new airline, while the Nigerian Sovereign Fund will take 46% and the Nigerian federal government will grab the remaining 5%.

According to him, Ethiopian Airlines scored 89 percent out of 100 as regards the technical bid and 15 out 20 as regards financial bid.

The minister added that the national carrier would be launched with an initial capital of $300 million and plans to have 30 aircraft within four years.

To become a hub in West Africa, Nigeria has been working to establish a national airline and improve its aviation infrastructure, which is currently thought to be a hindrance to economic growth.

The country’s previous national carrier, Nigeria Airways, was founded in 1958 and ceased to operate in 2003.