The Lagos State Government has signed a Memorandum of Understanding (MoU) with Summa Group, a globally recognized construction company, for the development and construction of the Lekki-Epe International Airport.
Governor Babajide Sanwo-Olu announced the agreement on Saturday via his official X (formerly Twitter) account, describing the project as a game-changer that will enhance connectivity, boost economic growth, and attract global investments.
“This groundbreaking initiative is an essential part of our vision to improve connectivity in Lagos, stimulate economic growth, and draw in global investments,” the governor stated.
Sanwo-Olu further emphasized that the new airport would improve travel efficiency, create business opportunities, and support the state’s long-term infrastructure development agenda.
The construction of an international airport in Lekki has been a long-standing goal of the Lagos State Government, given the region’s role as one of the state’s four major growth corridors.
Estimated Cost: The first phase of the project is expected to cost $450 million, with initial plans dating back to 2012.
Federal Approval: In 2022, the Federal Government officially approved the airport’s construction, with the announcement made by the then Minister of Aviation, Hadi Sirika, at the Lagos Economic Summit.
Funding Strategy: In early 2024, Sanwo-Olu proposed a Sovereign Investment Fund to support major infrastructure projects, including the Lekki-Epe International Airport. He also urged the Nigeria Sovereign Investment Authority to invest in the project.
State-Owned Airline: In January 2024, the Lagos State Government revealed plans to establish a state-owned airline to align with the airport’s final development stages.
Change in Development Partner: Initially, in September 2024, Lagos was in talks with the Portuguese construction firm Mota-Engil Consortium. However, the state has now officially signed an MoU with Summa Group, shifting its development partnership.
Lagos State’s 3.367 trillion naira 2025 budget prioritizes infrastructure development, allocating 1.052 trillion naira to projects that will support the airport, including:
Lekki -Epe (Orisa) Bridge and Approach Road- Enhancing access to the airport and surrounding economic zones.
Lekki-Epe Airport Road- Improving connectivity for travelers and businesses.
The Lekki-Epe International Airport is expected to serve as a major aviation hub, strengthening Lagos’ position as a global economic center and fostering long-term economic expansion.
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