Enugu Government Projects N60 Billion Net Profit In Four Years From Airline
The Enugu State Commissioner For Transportation, Dr. Obi Ozo says there is a projection of a net profit of N60 billion to be generated from Enugu Air’s business within the next four years.
Speaking in an Arise TV News Programme today, Ozo said setting up the airline and acquiring the three Embraer jets in outright purchase, cost the government between $28 million and $40 million. He said the aircraft are about 10 years old and the fleet will be increased gradually.
Ozo also said that Enugu State owns 100% stake in the airline, even though there is a management agreement with Xejet Airline that operates it, adding that Fidelity Bank loan for the business is a long tenure loan with a repayment period beyond a usual four years.
He said the government chose Xejet, an airline already in operation, so as to minimize possible mistakes because the airline has experience in operations.
Ozo further said the state government is transforming Enugu into a premier destination for investment and intends to build an economy raised from a N3 billion economy to a N30 billion economy.
