Officially named Nigeria Air, the airline’s logo and livery were unveiled at the Farnborough Air Show in London to mixed reactions at home.
The federal government will own just 5% of the airline in a public-private partnership proposal designed to allow for professional management and avoid previous mistakes.
The Nigerian government estimates that initial capital for the airline will range between $150m (£115m) and $300m in the first few years of operation though the private sector partner has not been identified yet.
“This will be a national carrier that is private sector led and driven. It is a business, not a social service,” Nigerian Minister of State for Aviation Hadi Sirika said.
“Government will not be involved in running it or deciding who runs it. The investors will have full responsibility for this.”
The original Nigerian Airways collapsed 15 years ago and a 2004 joint venture with billionaire Richard Branson named Virgin Nigeria shut down shortly after he pulled out five years later because of mismanagement.
Nigeria Air will take off with 15 leased aircraft in December but there are plans to own 30 planes within three to four years flying to 81 domestic, regional and international destinations.