Nigeria’s Green Africa Airways Sees New Investment

By February 28, 2022 NEWS

Nigerian airline Green Africa Airways has received new investment, which it will use to scale up operations and increase its fleet size. The startup carrier secured investment from Leadway Assurance Company Limited, one of Nigeria’s largest insurance providers.

Startup Green Africa Airways has recently received an undisclosed sum of new investment from a Nigerian insurance corporation. The carrier plans to invest in a larger fleet and expand its operations.

The investment comes from Headway Assurance Company Limited, one of the leading insurance providers in Nigeria.

The airline said the new investment would go towards bolstering its fleet and expanding its operations. However, it provided no further details on the size of the investment.

The airline has adopted a low-cost model and offers some of the cheap fares in Nigeria’s domestic aviation market. The Nigerian government recently opened an investigation into alleged price-fixing on domestic routes. Other than Green Africa Airways, all domestic carriers in Nigeria are under investigation for hiking up fares.

Green Africa Airways launched operations on August 12th, 2021. The airline operates with a small fleet of three ATR 72s but has ambitious plans to develop its fleet, including an agreement with Airbus for 50 signed in February 2020.

This is Airbus’ largest-ever deal signed with an African carrier. However, Green Africa Airways has yet to receive a single A220 and there is no word on when deliveries will take place.

Read the original story on Simple Flying