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Nigeria's Green Africa Airways, a new Lagos-based airline, and Boeing, the American aircraft manufacturer, announced a deal on Friday for an order of 100 Boeing 737 MAX 8 aircraft as the airline gears up to begin commercial operations.

The deal, which entails 50 firm aircraft and 50 options at a total list-price of $11.7 billion, is touted as the largest aircraft deal in Africa. Boeing said its 737 MAX is the fastest-selling airplane in its history, accumulating more than 4,800 orders from over 100 customers worldwide.

"Today is a historic day for the Nigerian and African aviation industry," said Babawande Afolabi, Founder & CEO, Green Africa Airways. "This landmark deal takes us much closer to our long-held dream of building a world-class airline that will unlock a new realm of positive possibilities for millions of customers. Broadly speaking, this deal is a bold symbol of the dynamism, resilience and soaring entrepreneurial drive of the next generation of Nigerians and Africans."

Green Africa Airways said, as a value airline, it aims to offer safe, quality and affordable air travel and be a significant contributor to the economic development of Nigeria and the African continent. In June, the airline announced it had completed its Series A round of financing with Kuramo Capital, a New York-based Pan African independent investment management group. As part of the deal, it formed an advisory board of senior industry leaders led by Tom Horton, former CEO and Chairman of American Airlines and former Chairman of Oneworld Alliance; William Shaw, Founder and former CEO of VivaColombia; and Virasb Vahidi, former CCO of American Airlines.

The airline initially plans to develop the Nigerian market and then build a strong Pan-African network. According to Boeing's 20-year Commercial Market Outlook, airlines in Africa will require 1,190 new airplanes – more than double the current fleet – as the continent boosts both intra-continental and intercontinental connectivity over the next couple of decades.

"We are delighted that Green Africa Airways has selected the 737 MAX to serve this expanding market," said Ihssane Mounir, Senior Vice President of Commercial Sales and Marketing at The Boeing Company. "We look forward to Green Africa Airways building their fleet with the MAX and taking advantage of the jet's efficiency and dependability to open new options across Nigeria and the African continent."

Vahidi, former CCO of American Airlines, said Nigeria is positioned to be the home of the next major value airline. As a member of Green Africa Airways' advisory board, Vahidi said the airline's strategic partnership with Boeing will help to expand and improve air travel for customers in Nigeria, and further strengthen the relationship between the United States, Nigeria and Africa.