Economy
Lekki International Airport Project Attracts More Investors
The number of investors interested in the Lekki Free Trade Zone and Alaro City commercial and residential areas has increased.
Following the Federal Government’s approval to build the Lekki International Airport, the number of investors who have expressed interest has increased, particularly in the Lekki Free Trade Zone and Alaro City commercial and residential areas.
Construction on the airport will begin next year under a partnership between the Lagos State Government and private investors. The airport was built as a Code F and will be able to handle the Airbus A380, the largest passenger airliner in the world. This will allow the region to experience significant economic growth and infrastructure development with the opening of the international airport close to Alaro City.
The new Lekki International Airport will also relieve congestion at Murtala Muhammed International Airport, Nigeria’s busiest airport.
As a result of the developments in the Lekki Free Zone axis, investors have already begun voting with their cheques. Anthony Asuzu, a real estate lawyer said
Yomi Ademola, the managing director of Alaro, commended the Lagos State Government for obtaining approval for the Lekki International Airport’s construction. He reassured current and prospective investors that developers are unwavering in their mission to build a modern city that will benefit from essential infrastructures, such as the air and sea ports, and that these will support the economic growth in the State and Nigeria.
“Air travel is essential for social advancement and economic prosperity, and the Lekki International Airport will significantly improve life and business in Alaro City and the surrounding area once it is finished,” said Mr Ademola.
The urban developers of the Alaro City project, Rendeavour and Lekki Worldwide Investments Limited (a Lagos State investment vehicle), are widely acknowledged for their contributions and efforts in the axis.
As previously reported by Investors King, the Lekki Free Trade Zone’s multipurpose seaport will be one of the biggest in West Africa once it is operational.
The port is intended to be among the most cutting-edge in order to support Lagos State’s and consequently, Nigeria’s, economic activities.