The Lagos State Government has taken a major step toward developing the much-anticipated Lekki-Epe International Airport by signing a Memorandum of Understanding with the internationally renowned construction company Summa Group.
Governor Babajide Sanwo-Olu announced the agreement on Saturday, describing the project as a transformative initiative aimed at improving connectivity, boosting economic growth, and attracting global investments.
Boost for Lagos economy
Sanwo-Olu pointed out that the new airport would enhance travel and create new opportunities for businesses and residents across the state.
“The Lekki-Epe International Airport is an essential part of our vision to improve connectivity in Lagos, stimulate economic growth, and draw in global investments,” the governor stated.
The project is expected to strengthen Lagos as a pivotal economic hub in Africa, providing modern infrastructure to support the state’s rapid expansion.
Long-awaited project moves forward
The construction of a new airport in the Lekki axis has been a key priority for Lagos State, as the region is one of its four major growth corridors. The first phase of the project is expected to cost approximately $450 million, with plans for operations dating back to 2012.
In 2022, the federal government approved the airport’s construction during the Lagos Economic Summit. Since then, the state has been working on funding strategies, including a Sovereign Investment Fund announced earlier this year.
Shift in development partners
In September 2024, Lagos State engaged the Portuguese firm Mota-Engil Consortium as a potential partner. However, in a strategic shift, the government has now signed an agreement with Summa Group, a Russian construction company known for delivering world-class infrastructure projects.
Massive infrastructure investment
The Lagos State budget for 2025, valued at N3.367 trillion, includes a significant allocation of N1.052 trillion for infrastructure. Several key projects surrounding the airport will also receive funding, including the Lekki-Epe (Orisa) Bridge and the Lekki-Epe Airport Road, both designed to enhance accessibility and drive economic activity in the region.
With the MoU in place, the Lekki-Epe International Airport is set to become a game-changer for Lagos, offering world-class aviation services and reinforcing the state’s position as a leading investment destination.
