The federal government has said that $250m is to be raised by private investors to start the national carrier.
This was contained in a document released by the ministry of aviation, which provides an update on the aviation development Roadmap of the present administration.
The government explained that the next phase would be the placement of request for qualification (RFQ) in local and international media.
“$250 million approximately is to be raised to start up the airline by private investors,” the document stated.
Six projects are outlined in the roadmap and they include the establishment of a national carrier to replace the defunct Nigeria Airways, maintenance, repair and overhaul (MRO) facility, airport concession, aviation leasing company (ALC), aerotropolis, among others.
The proposed national carrier christened the Nigeria Air was unveiled in July 2018 in Farnborough, the United Kingdom without any aircraft flying until the project was suspended indefinitely.
But the minister of aviation, Mr. Hadi Sirika insisted the project remains on course.
In the document, which was in response to the criticism over the delay in the actualisation of the project, the ministry of aviation explained that the project development phase had been completed with the development of the outline business case (OBC) and subsequent issuance of compliance certificate by the Infrastructure Concession Regulatory Commission (ICRC).
On the airport concession, the ministry explained that it was in the same phase with the national carrier.
On the ALC, the government said the project was at an advanced stage in the procurement phase.
“A preferred partner has been selected and negotiations will commence soon,” it said.
The document revealed that the planned establishment of MRO for the purpose of local maintenance of aircraft was in the same stage with the ALC.