Manufacturing Industry
Virgin Atlantic signs deal to create new Nigerian airline
Airline Industry Information, Sept 28, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
Virgin Atlantic Airways has signed a deal with the Nigerian government to set up a new airline called Virgin Nigeria.
The new carrier will replace Nigeria's flagship carrier Nigeria Airways which collapsed in 2003. An initial USD50m investment will be made with Nigerian institutions taking a 51% stake and Virgin Atlantic holding a 49% stake.
Virgin chief Richard Branson said that the company was honoured to be chosen by the Nigerian government to help in the development of the country's new airline. Virgin Nigeria is expected to start domestic, regional and international routes in early 2005, reports Reuters.
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