The Lagos State Government has signed a Memorandum of Understanding (MoU) with the internationally recognised construction firm, Summa Group, 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, calling the project a transformative initiative aimed at enhancing connectivity, driving economic growth, and attracting international investors.
“We have signed an MoU with the internationally renowned Summa Group for the long-anticipated Lekki-Epe International Airport project,” Sanwo-Olu stated. “This milestone is crucial to our vision of improving connectivity, boosting economic expansion, and drawing global investors to Lagos.”
He added that the airport would not only improve travel but also create new business and employment opportunities across the state.
Key Background
The Lekki-Epe International Airport has been a key focus in Lagos State’s development agenda, as the Lekki corridor remains one of its four major growth hubs.
The first phase of the project is estimated to cost around $450 million, with initial plans dating back to 2012. In 2022, the Federal Government officially approved the airport’s construction, with then-Minister of Aviation, Hadi Sirika, presenting the approval during the Lagos Economic Summit at Eko Hotel and Suites.
Earlier in 2024, Governor Sanwo-Olu proposed a Sovereign Investment Fund to finance strategic infrastructure projects, including the airport. He also urged the Nigeria Sovereign Investment Authority to consider investing in the initiative.
Additionally, in January 2024, the Lagos State Government announced plans to establish a state-owned airline to support passenger operations in alignment with the airport’s development. By September 2024, discussions were held with the Portuguese construction firm Mota-Engil Consortium as a potential partner. However, in a strategic shift, Lagos State has now formalised its agreement with the Russian-based Summa Group.
Lagos State’s N3.367 trillion 2025 budget allocates N1.052 trillion for infrastructure development, with several key projects planned around the Lekki-Epe International Airport. These include the construction of the Lekki-Epe (Orisa) Bridge and its approach road, as well as the Lekki-Epe Airport Road, all aimed at improving access to the new airport and its surrounding economic zones.
Credit: Nairametrics (Text Excluding Headline)
