https://en.sputniknews.africa/20230804/ethiopians-to-launch-new-nigerian-airline-in-october-official-says-1061060930.html
Ethiopians to Launch New Nigerian Airline in October, Official Says
Ethiopians to Launch New Nigerian Airline in October, Official Says
Sputnik Africa
Ethiopian Airlines won a bid to start Nigeria Air’s operations in September 2022, local media reported. The East African airline has been awarded as the best... 04.08.2023, Sputnik Africa
2023-08-04T19:12+0200
2023-08-04T19:12+0200
2023-08-04T19:12+0200
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Nigeria Air is scheduled to start flights in October, Mesfin Tasew, chief executive officer of Ethiopian Airlines, said in an interview with the US media. Ethiopian Airlines founded the airline earlier this year in collaboration with institutional investors and the Nigerian government. At the start, Nigeria Air will use a combination of two wide-body and six narrow-body aircraft, according to the official.Zemedeneh Negatu, chairman of Fairfax Africa Fund (an investment company helping to raise funds) is quoted as telling the outlet that stakeholders of Nigeria Air are the country's government, which will own 5% of the company, Ethiopian Airlines with 49%, and local institutional investors, including MRS Oil Nigeria (local oil trading company), two companies in the aviation sector and others.Negatu also revealed that Ethiopian Airlines will share its operational experience with Nigeria Air. This hopes to help the latter lease aircraft at cheaper rates. According to the official, the airline will provide $400 million in guarantees to lessors for the purchase of aircraft for Nigeria Air.On May 26, Nigeria Air's first Boeing 737 flight landed at Nnamdi Azikiwe International Airport in Abuja.Long and Winding RoadIn March, Nigeria’s Aviation Minister and Senator Hadi Sirika stated that the work of Nigeria Air will begin before May 29, however, the deadline was missed due to Nigeria’s foreign exchange crisis that affected the aviation industry.In 2020, Sirika named bad business plans, high maintenance costs, operational equipment selection, high interest rates on loans, and bad corporate governance as some of the causes that have contributed to the demise of Nigerian airlines over the years. According to him, Nigerian airlines have a ten-year average lifespan, and several have failed in the last 20 years.Nigeria Airways has been operating from 1958 to 1971 under the name West African Airways Corporation Nigeria (WAAC Nigeria). In 1961, the government boosted its shareholding from 51% to 100% and made the airline the country's flag carrier. By 2003, Nigeria Airways's performance had been declining because of mismanagement, corruption, and overstaffing, which led the company to accumulate debts reportedly totaling $528,000,000 (equivalent to $839,947,902 in 2022) and an operative fleet of a single aircraft flying domestic routes. Subsequently, Nigeria Airways was replaced by Virgin Nigeria, partly owned by the British Virgin Atlantic airline. After it went down, there were other attempts to create a national carrier in partnership with Western companies, but they didn't succeed either. In December 2022, following the winning of a bid to start the Nigerian carrier by Ethiopian Airlines, Group Captain John Ojikutu, the executive secretary of Aviation Round Table, explained that the West African state needs foreign technical partners in order to establish a national airline.
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Ethiopians to Launch New Nigerian Airline in October, Official Says
Ethiopian Airlines won a bid to start Nigeria Air’s operations in September 2022, local media reported. The East African airline has been awarded as the best carrier in Africa from 2017 to 2022, according to Skytrax, a consulting company specializing in the study of the quality of services in the airline industry.
Nigeria Air is scheduled to start flights in October, Mesfin Tasew, chief executive officer of Ethiopian Airlines, said in an interview with the US media.
Ethiopian Airlines founded the airline earlier this year in collaboration with institutional investors and the Nigerian government.
At the start, Nigeria Air will use a combination of two wide-body and six narrow-body aircraft, according to the official.
"It will be a big challenge," Tasew noted, adding: "We have people who know the business culture of Nigeria. We believe we can manage and develop the airline."
Zemedeneh Negatu, chairman of Fairfax Africa Fund (an investment company helping to raise funds) is quoted as telling the outlet that stakeholders of Nigeria Air are the country's government, which will own 5% of the company, Ethiopian Airlines with 49%, and local institutional investors, including MRS Oil Nigeria (local oil trading company), two companies in the aviation sector and others.
Negatu also revealed that Ethiopian Airlines will share its operational experience with Nigeria Air. This hopes to help the latter lease aircraft at cheaper rates. According to the official, the airline will provide $400 million in guarantees to lessors for the purchase of aircraft for Nigeria Air.
According to the report, planes of the new airline will start to operate on 15 routes within the country. In the future, it is planned to organize international flights within the continent, as well as to more distant destinations such as London, New York and Shanghai.
On May 26, Nigeria Air's first Boeing 737 flight
landed at Nnamdi Azikiwe International Airport in Abuja.
In March, Nigeria’s Aviation Minister and Senator Hadi Sirika stated that the work of Nigeria Air will begin before May 29, however, the deadline was missed due to Nigeria’s foreign exchange crisis that affected the aviation industry.
In 2020, Sirika named bad business plans, high maintenance costs, operational equipment selection, high interest rates on loans, and bad corporate governance as some of the causes that have contributed to the demise of Nigerian airlines over the years.
According to him, Nigerian airlines have a ten-year average lifespan, and several have failed in the last 20 years.
Nigeria Air is another government's attempt to create a national airline since the demise of Nigeria Airways in 2003 due to significant debts and poor management.
Nigeria Airways has been operating from 1958 to 1971 under the name West African Airways Corporation Nigeria (WAAC Nigeria). In 1961, the government boosted its shareholding from 51% to 100% and made the airline the country's flag carrier.
By 2003, Nigeria Airways's performance had been declining because of mismanagement, corruption, and overstaffing, which led the company to accumulate debts reportedly totaling $528,000,000 (equivalent to $839,947,902 in 2022) and an operative fleet of a single aircraft flying domestic routes. Subsequently, Nigeria Airways was replaced by Virgin Nigeria, partly owned by the British Virgin Atlantic airline. After it went down, there were other attempts to create a national carrier in partnership with Western companies, but they didn't succeed either.
In December 2022, following the winning of a bid to start the Nigerian carrier by Ethiopian Airlines, Group Captain John Ojikutu, the executive secretary of Aviation Round Table, explained that the West African state needs foreign technical partners in order to establish a national airline.
