fastjet plc (fastjet) has signed a Memorandum of Understanding (MoU) with Nigeria's Red 1 Airways Ltd (Red 1), to create a low-cost airline operating within Nigeria and to destinations across Africa. The MoU brings together fastjet's strong brand, reputation, management experience and economies of scale, and RED 1's extensive local market knowledge within Nigeria. The airline will be branded fastjet Nigeria strongly mimicking the airline's planned South African venture.