By Moses Sawacha Abuja, Nigeria (eTurbo News) -- The Nigerian government and UK's Virgin Group have signed a Memorandum of Understanding (MoU) that will paved the way for the creation of Nigeria?s new national carrier. Under the agreement, Virgin Group, which is owned by British billionaire Richard Branson, will serve as strategic investor and technical partners for the Nigerian new flag carrier, which will be called Virgin Nigeria Airlines. Speaking at the signing ceremony, Branson said Virgin Nigeria will commence service early next year, rather than this months as originally planned. He said Nigeria?s carrier is still in the process of obtaining all operational approval and authorization. Branson, who had earlier visited the Nigerian President Olusegun Obasanjo for talks, said that the emerging flag carrier would be ?built from scratch and will be the best in the world?. For his part, Nigerian Minister for Aviation Malam Isa Yuguda described the MoU signing event as ?historical?. He acknowledged that it was the realization of government efforts at creating a national carrier that would be completely private sector-owned and funded. Virgin Nigeria Airways, according to the minister, will operate domestic, regional and continental routes. He added that Virgin Nigeria would ?enjoy monopoly out of Nigeria to London, New York, Dubai and Johannesburg as an incentive during unspecified teething period?. The Nigerian Federal Executive Council on September 1, 2004 approved Virgin Atlantic Airlines as the core investor and strategic carrier after the withdrawal of South African Airways, which cosidered to have the preferred bidder. Virgin Atlantic Airlines is expected to run the new Nigerian carrier with an initial share capital of US$50 million or 49 percent and 51 percent by Nigerian investors. _______________________________ Do you Yahoo!? Declare Yourself - Register online to vote today! http://vote.yahoo.com