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News Sport Weather World Service Languages Low Graphics version | Change edition About BBC News | Feedback | Help News Front Page Africa Americas Asia-Pacific Europe Middle East South Asia UK Business Market Data E-Commerce Economy Health Science/Nature Technology Entertainment ----------------- Have Your Say In Pictures Week at a Glance Country Profiles In Depth Programmes Last Updated: Tuesday, 28 September, 2004, 15:27 GMT 16:27 UK E-mail this to a friend Printable version Virgin takes to Nigeria's skies The new airline will be modelled on the Australian carrier Virgin Blue Virgin Atlantic Airways is to launch a new airline in Nigeria next year, the airline's latest international venture. Virgin has signed a deal with the Nigerian government to create Virgin Nigeria, to be jointly owned by Virgin Atlantic and Nigerian investors. The airline will operate domestic, regional and international services including flights to Europe and the US. Virgin Atlantic already operates low cost airlines in Australia and Belgium and is looking to expand into the US. Government support Virgin Nigeria is designed as a replacement for national carrier Nigeria Airways which collapsed last year. The airline had suffered from years of financial mismanagement, resulting in debts of more than $60m (�33m), and a poor safety record. Nigeria is taking yet another bold step forward Sir Richard Branson The Nigerian government has been looking for a foreign investment partner to relaunch a domestic airline. Virgin Atlantic, co-owned by Sir Richard Branson's Virgin Group and Singapore Airlines, will own a 49% stake in the business. Financial investors will control the remaining 51%. An initial $50m will be invested in the airline's launch, while Virgin Nigeria hopes to create up to 20,000 jobs both within the airline and among suppliers. Based in the Nigerian capital Lagos, the airline will fly to Nigerian cities such as Abuja and Kano and African capitals including Accra and Dakar. Bold step Speaking before a meeting with Nigerian President Olusegun Obasanjo on Tuesday, Sir Richard said he was "honoured and excited" to be involved in the venture. "Nigeria is taking yet another bold step forward," he said. "We aim to create the best airline, not just in Nigeria but in the world, based in Africa." Virgin Nigeria will operate separately from Virgin Atlantic's existing services between the UK and Nigeria which will continue as normal. The airline is being modelled on Virgin Blue, a low cost carrier launched in Australia in 2000. Virgin Blue has proved a success, garnering almost a third of the domestic market and floating on the Australian stock market in December 2003. Virgin Group is also keen to launch a similar low cost operation, Virgin America, in the United States. Sir Richard's company is also looking to expand into less conventional aviation markets, announcing plans this week to launch commercial space flights within three years. E-mail this to a friend Printable version LINKS TO MORE BUSINESS STORIES SelectRecord hurricane losses predictedLukoil sell-off gets under way'Talks' to end Nigeria oil crisisVirgin takes to Nigeria's skiesMotorola to lay off 1,000 staffPerrier owner lifts sale threatOil prices ease back from highsBankers fight Enron extraditionHalliburton may sell troubled KBR  SEE ALSO: Virgin boss in space tourism bid 27 Sep 04  |  Science/Nature Over 3,000 Virgin jobs created 05 Aug 04  |  Southern Counties New York HQ for Virgin US airline 08 Jun 04  |  Business Jobs boost as Virgin ups flights 20 Feb 04  |  Business Nigeria seeks lost airways money 24 Nov 03  |  Africa African airlines: Wing or prayer? 16 Jun 03  |  Africa RELATED INTERNET LINKS: Virgin Atlantic Nigerian Government Singapore Airlines The BBC is not responsible for the content of external internet sites TOP BUSINESS STORIES NOW Record hurricane losses predicted Lukoil sell-off gets under way 'Talks' to end Nigeria oil crisis Virgin takes to Nigeria's skies News alerts | E-mail services | Desktop ticker | Mobiles/PDAs Back to top ^^ News Front Page | Africa | Americas | Asia-Pacific | Europe | Middle East | South Asia UK | Business | Entertainment | Science/Nature | Technology | Health Have Your Say | In Pictures | Week at a Glance | Country Profiles | In Depth | Programmes BBC Homepage >> | BBC Sport >> | BBC Weather >> | BBC World Service >> About BBC News | Help | Feedback | News sources | Privacy & Cookies Policy | About the BBC

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