Sir Richard and Virgin Group have announced a new airline:

Virgin Group boss Richard Branson has signed an agreement with Nigerian President Olusegun Obasanjo to launch a new airline out of the west African nation that will be majority owned by Nigerian investors.

Branson’s Virgin Atlantic Airways will hold a 49 percent stake in Virgin Nigeria, which is expected to create thousands of jobs in the west African nation, Branson said Tuesday.

Nigeria, especially with its oil exports in the current international political climate, is becoming an increasingly important player in Africa, so as long as Virgin Nigeria can insulate itself adequately from violence there, this seems like good expansion into a growing market.