The Infrastructure Concession Regulatory Commission (ICRC) of Nigeria has stated that it is “working around the clock” to ensure that Nigeria Air is fully operational by June 2023.
“I want to reassure Nigerians that we are working around the clock to make [Nigeria Air] functioning,” ICRC Director-General Michael Ohiani stated.
“We’re working with the Ministry of Aviation, and we recently received presidential approval.” I can tell you that Nigeria Air will begin flying before the conclusion of this administration.”
Nigeria Air was established in 2004 as a joint venture between Virgin Group and a group of Nigerian investors, however, it ceased operations in 2012.
Nigeria’s Minister of Aviation, Hadi Sirika, said in November 2021 that Nigeria Air would begin operations in April 2022 after receiving authorization from the Federal Executive Council (FEC). However, it appears like the original launch will be pushed back.
According to Simple Flying, the current proposal for Nigeria Air’s ownership is for equity investors to hold 49 percent, Nigerians to own 46 percent, and the Federal Government of Nigeria to own 5%.
The Federal Government also intends to establish a Nigerian aviation leasing firm, as Director-General Ohiani explained: “Experience has shown that for you to have a viable aviation industry, you need to have a leasing company so that the operators can readily buy fleets of planes.”
This planned leasing organization will lease aircraft from international lessors before sub-leasing them to Nigerian carriers in the short term, with the long-term goal of purchasing its own aircraft and leasing them directly to carriers.
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