KEY FACTS ABOUT NEW INTERNATIONAL AIRPORT, LEKKI-EPE
Development is a vital component of our economy’s growth, because it creates high-wage jobs and improves people’s quality of life. The Lagos state government planned another major means to create, attract and maintain jobs at Ibeju-Lekki. This will make lives easier.
Economic developers frequently overlook the role they play in creating and maintaining major developments for a region, despite it being an important component of a healthy economy and society.
Thus, this led to the aim of building an international airport in Lekki-Epe because it will bring development but ease down tension on Murtala Muhammed International airport, Ikeja and also to be of service to the fast-growing area of Lagos state.
ATTENTION: Do you want to invest in a property near airport for residential or commercial purposes? Click on the whatsApp link below to chat with us for available property around the international airport
FEATURES OF THE NEW LEKKI-EPE INTERNATIONAL AIRPORT
Due to the large volume of people streaming in and out of Lagos, as well as the strain on the sole existing airport, the Lagos State Government started the new international airport project in Ibeju-Lekki.
The new international airport development project ongoing at Lekki-Epe axis is located in Epe, east of Lagos, Nigeria but adjacent to Alaro City. The master plan is complete, and the airport site has been secured on 3500 acres.
The designers have created the airport to handle five million passengers annually, with ample space for future development.
The first phase of Lekki Airport project’s is anticipated to cost US$450 million, but it will be located around 10 kilometers from the Lekki Free Trade Zone (LFTZ).
It will be designed to accommodate the Airbus A380, the world’s largest passenger airliner, so as to be designated as a Code F airport. The new airport will relieve congestion at the aging Murtala Muhammed International Airport, because it will serve the fast-growing industrial Lekki district, the Lekki Deep Seaport, Dangote’s 650,000bpd refinery, the Lekki Free Zone, and other locations.
Apart from its primary purpose, the new airport will enhance or improve both residential and commercial infrastructure. Ibeju-Lekki has already landed significant projects like the Free Trade Zone, putting it one step closer to being Africa’s next commercial hub and so on.
However, the newest development has faced so many challenges in the past. Local landowners opposed the land acquisition process, stalling the development of Lekki-Epe International Airport in May 2015, causing delays in securing financing from investors.
Sola Oworu, the former Lagos State Commissioner for Commerce and Industry, acknowledged that the state government is “looking for investors”. New funding is necessary to resume construction on the project, and the state administration is returning some purchased land to local villages. Meanwhile, the project has continued to progress steadily.
IMPORTANT FEATURES AROUND THE AREA
• Lekki Free Trade Zone: The Lekki Free Zone was established in 2006. It is situated in Lagos State’s southeast portion, but the Atlantic Ocean is at the south and the Lekki Lagoon at the north. It is 50 kilometers from Victoria Island, Lagos, and surrounded by five kilometers of coastline.
Operators manage the zone’s four quadrants, taking advantage of Lagos State’s status as West Africa’s primary distribution area, with 16,500 hectares.
• Alaro City: It is located on the Lekki-Epe Expressway that is; the North West Quadrant of Lekki Free Zone’s Lagos, Nigeria. It provide easy access to Lagos and the rest of Nigeria. The largest deep-sea port in West Africa is now under construction.
READ ALSO: How Safe Is Investing In Epe?
• Dangote Refinery: Alhaji Aliko Dangote, Africa’s richest man, is building the continent’s largest oil refinery, a fertilizer factory, a sub-sea gas pipeline project, which valued at $17 billion, a petrochemical plan, and so on.
• Lekki Sea Port: The largest deep-water port in West Africa is also being built so as to allow exports to West Africa and beyond. Local and international investors are flocking to the Zone.
USEFULNESS OF THE PROJECT
The new international airport in Lekki-Epe will provide so many benefits to both the resident and the government of Lagos state and also improve the Economy of the state. Other benefits include;
Investment Opportunity: This massive development is going to provide a lot of opportunities for a secure and long-term investment. However, before you begin signing checks, you must first comprehend the significance of land titles and pricing. The majority of the land near the airport does not have a land title, C of O . The majority of the titles you’ll see there are either excisions in progress or gazetted.
This explains the disparities in gross price between different real-estate firms. So make sure any block of land in Ibeju-Lekki has a legal C of O title before paying for it.
Your agent may tell you that a Gazette or excision in a procedure is a ‘done deal’. So, you don’t need to worry; but if you’re knowledgeable with how the Nigerian system works. Then, you’ll understand that there’s no guarantee until you have proper documentation.
Land Appreciation: Properties on the periphery of an airport appreciate up to 40% in value in the first few years after the airport’s completion, and the rate rises to around 80% after the airport’s operations are fully operational.
Landed property at strategic place allow benefits of living near and far away from the airport. This will avoid noise pollution and potential health consequences. Housing costs rise because of the extra benefit of convenience. So, this serves as a great benefit to investors in the area.
Easy Transportation: The airport serve as a major transportation hub. This will make the region more accessible to both local and international travelers. This increased accessibility will increase the demand for properties, particularly for commercial and residential properties.
Job Opportunities: In addition, the airport is expected to create job opportunities. This will increase the purchasing power of residents and improve the overall economy of the area. This, in turn, will lead to an increase in demand for housing and commercial properties.
In conclusion, the development of the Lekki International Airport will positively impact the real estate industry in Lagos State. This will make it a more attractive location for investment and development.
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