The Federal Government has announced Ethiopian Airlines, as its major partner for the Nigeria Air project.
A breakdown of stakes showed that Ethiopian Airlines will own 49 per cent equity, the federal government will control five per cent equity, while a consortium of three Nigerian investors MRS, SAHCO and the Nigerian Sovereign Fund, will have 46 per cent.
Hadi Sirika, the Aviation Minister said while briefing newsmen in Abuja that, the consortium has been subjected to due diligence after which contracts will be negotiated and the Federal Executive Council will approve.
The process is expected to take between 6 to 8 weeks.
Nigeria Air project has been in the pipeline for a long time, but this development is seen a major breakthrough.