FG yet to assign 46% stake to strategic partners in Nigeria Air

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*Sirika

The minister of aviation, Mr. Hadi Sirika has given April 2022 as the tentative time for the take off of the proposed national carrier, Nigeria Air.

Addressing journalists in Abuja yesterday at the end of the weekly federal executive council meeting, Sirika the proposed airline will be run by a company in which the federal government would have 5 per cent stake, Nigerian entrepreneurs, 46 per cent, while the remaining 49 per cent will be reserved for yet to be assigned strategic equity partners, including foreign investors.

He added that the airline would create 70,000 jobs for Nigerians when it becomes operational.

The minister recalled that over 400,000 Nigerians participated in choosing the name, which was launched in 2018.

“The next one also is approval of the outline business case for the establishment of the national carrier and this is the sixth time the memorandum appeared before Council. The sixth time, we got lucky to be passed by Council.

“The structure of the proposed airline; government will be owning not more than 5 per cent. So, 5 per cent is the maximum equity that government will take, and then 46 per cent will be owned by Nigerian entrepreneurs.

So, if you add that, it’s 51 per cent. So, it’s 51 per cent majority shareholding by Nigerians and then 49 per cent will be held by strategic equity partner or partners that will be sourced during the procurement phase, which is the next phase.

“This airline if started, and within the first few years, will generate about 70,000 jobs. These 70,000 jobs are higher than the total number of civil servants that we have in the country. Its importance had been well discussed so, I’ll not go back to it. You had discussed it separately also on various fora as to the need for it.”

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