Lekki Airport Will Catalyse Growth In Lekki Free Zone

THE recent approval by the Federal Government to construct the Lekki International Airport has increased investors’ interest in the commercial and residential area of the Lekki Free Zone, and Alaro City in particular.

In partnership with private investors, the Lagos State Government will begin construction of the airport next year. The airport was designed as a Code F and will have the capacity to accommodate the world’s largest passenger airliner, the Airbus A380.

With the opening of the international airport near Alaro City, the region will experience significant economic growth and infrastructure development. The new Lekki International Airport will also reduce the congestion at the Murtala Muhammed International Airport, Nigeria’s busiest airport.

Investors have already begun voting with their cheques as a result of the development in the Lekki Free Zone axis. Anthony Asuzu, a real estate lawyer said, “International airports are powerful stimulators for property appreciation within their periphery; it is estimated that, within the first two years, after the opening of the airport, the appreciation could be as high as 40 per cent. Due to the unique nature of the axis and the impressive array of infrastructure, including the Dangote Refinery, Alaro City, and the air and sea ports, a much higher increase in appreciation rate is expected.”