A Memorandum of Understanding (MoU) has been signed between the Lagos State Government and the Russian construction company, Summa Group, for the construction of Lekki-Epe International Airport. The project has been on the agenda for Lagos’ Government for development for a while now. As a key component of the agenda, the government aims to transform and improve connectivity in Lagos, attract global investment and boost the state’s economy. What’s more, the state’s governor, Babajide Sanwo-Olu, stated that the airport would enhance travel. In addition, it will create new opportunities for businesses and residents across the state.
Lekki-Epe International Airport project cost
The Lekki-Epe International Airport is projected to cost an estimated US$450 million for the first phase of construction. Furthermore, initial plans for operations were first laid out for the airport in 2012.The first approval from the Federal Government went through in 2022 when the then-Minister of Aviation, Hadi Sirika, presented the approval at the Lagos Economic Summit held at Eko Hotel and Suites.
Project Overview
Location: Lekki, Nigeria
Project cost: US$450 million
Initial Planning date: 2012
More on the Sovereign Investment Fund
Earlier this year, the governor announced plans to establish a Sovereign Investment Fund. The aim of the fund is to support strategic infrastructure projects. Some of the projects include the Lekki-Epe International Airport, the Lekki-Epe Airport road. Additionally, the Lekki-Epe (Orisa) Bridge and its approach road. He also urged the Nigeria Sovereign Investment Authority to consider investing in the project to accelerate its development. Additionally, In January last year, the Lagos State Government revealed plans to establish a state-owned airline for passenger operations. An airline would align with the final stages of preparation for the Lekki airport. Later last year, Lagos’ government announced discussions with the Portuguese construction firm Mota-Engil Consortium as a potential partner for the airport’s development. This agreement did not work out as the government has now made a deal with the Russian company Summa Group to execute the project.
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