Fastjet agrees to form low-cost airline in Nigeria

Fastjet, the African budget airline backed by EasyJet founder Stelios Haji-Ioannou, has agreed to create a low-cost airline operating within Nigeria and across Africa with Nigeria’s Red 1 Airways.

Fastjet said on Thursday it had signed a Memorandum of Understanding with Red 1 and that it planned to take a minority shareholding in the entity to be known as fastjet Nigeria.

The capital required for the venture will be the responsibility of Red 1, Fastjet said in a statement.