Nigeria, Oct. 16 -- United Nigeria Airlines said it intends to raise N20 billion through commercial paper, which it described as the first of its kind by a domestic airline in Nigeria, as it seeks to strengthen its finances and fund expansion.

The proposed issuance is the first tranche of a N100 billion commercial paper programme, and will comprise two series with tenors of 270 and 364 days, according to a statement by the airline's management on Friday.

Commercial paper is a short-term debt instrument companies use to raise funds for working capital and other business needs. Unlike equity financing, it involves borrowing that must be repaid based on agreed terms.

According to the airline, the proposed issuance is part of its strategy ...