Governor Babajide Sanwo-Olu has signed a Memorandum of Understanding (MoU) with the internationally renowned Summa Group for the development and construction of the Lekki-Epe International Airport. The governor announced the milestone on his official X (formerly Twitter) account, describing the project as a transformative initiative to improve connectivity, boost economic growth, and attract global investments.
According to Sanwo-Olu, the airport will enhance travel and create new opportunities for businesses and residents across Lagos State. The Lekki region, one of Lagos’ major growth corridors, has long been earmarked for an airport to support its rapid development. The first phase of the project is estimated to cost $450 million, with initial plans dating back to 2012. The Federal Government formally approved its construction in 2022, reinforcing Lagos State’s commitment to developing strategic infrastructure.
The signing of this MoU marks a significant step toward realizing the long-anticipated airport, aligning with the state’s broader vision for economic expansion. Earlier in 2024, Sanwo-Olu announced a Sovereign Investment Fund to support key infrastructure projects, including the new airport. Additionally, the Lagos State Government has explored partnerships with various international firms, with the Summa Group now confirmed as the development partner.
Lagos’ 2025 budget, valued at N3.367 trillion, allocates N1.052 trillion for infrastructure development, including projects that will enhance access to the new airport, such as the Lekki-Epe (Orisa) Bridge and the Lekki-Epe Airport Road. Industry watchers expect the airport to serve as a major revenue generator, both in local currency and foreign exchange, reinforcing Lagos’ status as a key economic hub in Africa.
