Set Back In Lekki-Epe Int’l Airport As Investor Backs Out


May 11, 2015 Facebook Twitter LinkedIn Google+ In The News


It goes without saying that one of the monumental uncompleted projects that the Lagos State Governor-elect, Akinwunmi Ambode, will inherit from his predecessor, Governor Babatunde Fashola come May 29, 2015, is the multi billion Naira Lekki-Epe International Airport, located in the Lekki Free Trade Zone (LFTZ) area of the state.

52525e73c39e4

The proposed international airport was to be implemented under a Public Private Partnership (PPP), but it appears to be facing serious financial challenges as a result of the unwillingness of the investors to continue with the project.

According to the Vanguard, 64 companies, including MasterCard, Guinness have already indicated interest to invest at least $25 billion (about N3.750 trillion) in the Lekki Free Trade Zone; however, the reverse seems to be the case with the proposed international airport in the area.

The Commissioner for Commerce and Industry, Mrs. Sola Oworu, disclosed the current challenge facing the realization of the airport, explaining that further work has been suspended on the construction of the airport as the former investor later withdrew from pursuing the project.

Mrs. Oworu disclosed that one of the reasons given by the investors was the outcome of the 2015 general elections, which they feared could endanger their investment. “The state government is currently shopping for new investors. Efforts are being made to conclude discussion with prospective investors. As soon as all documents are ready we will recommence construction work at the site.” Mrs. Oworu stated.

The Commissioner assured that the incoming administration in the state would continue with the project, saying investors’ investments are guaranteed, as “a ready market is provided for their products with the state’s estimated over 20 million residents.” She also reiterated that the LFTZ project is a reality as it had so far attracted key players particularly in the oil and gas sector with a greater prospect of attracting more investors as its development progresses, especially with the provision of standby 12 megawatts of electricity supply.

The airport which is to be developed on a modular basis at an estimated project cost of N71.64 billion is a scalable airport that has been designed to cater for the Airbus A380, making it a Code F compliant airport.

Comments