By Remi Adelowo
In leaps and bounds, the Lagos State’s economy is growing.
This isn’t debatable. Not even sceptics could argue otherwise!
Blessed with a focused and visionary leadership since the return of democratic rule in 1999, the state has unarguably made significant strides in all facets of developmental indices.
Under the current headship of Governor Babajide Sanwo-Olu, Lagos is moving at a dizzying speed that other states could only watch in awe.
A few examples would suffice.
Some weeks ago, the state government signed a Memorandum of Understanding (MoU) with the internationally-renowned construction company, Summa Group, for the development and construction of the Lekki-Epe International Airport.
A transformative initiative aimed at improving connectivity in Lagos, boosting economic growth, and attracting global investments, the airport would also enhance travel and create new opportunities for businesses and residents across the state.
The project, according to Governor Sanwo-Olu, is an essential part of the state government’s vision to improve connectivity in Lagos, stimulate economic growth, and draw in global investments.”
The construction of a new airport in the Lekki axis has long been a key component of the Lagos State Government’s development agenda, as the region is one of the state’s four major growth corridors.
The first phase of the Lekki International Airport project is expected to cost approximately $450 million, with initial plans for operations dating back to 2012.
In 2022, the Federal Government officially approved the airport’s construction, with the then-Minister of Aviation, Hadi Sirika, presenting the approval at the Lagos Economic Summit held at Eko Hotel and Suites.
Ever visionary in ideas, Governor Sanwo-Olu had, in early 2024, announced plans to establish a Sovereign Investment Fund to support strategic infrastructure projects, including the Lekki-Epe International Airport.
He had also urged the Nigeria Sovereign Investment Authority to consider investing in the project to accelerate its development.
Also in January 2024, the Lagos State government revealed plans to establish a state-owned airline for passenger operations, aligning with the final stages of preparation for the Lekki airport.
By September 2024, the state government announced discussions with the Portuguese construction firm, Mota-Engil Consortium, as a potential partner for the airport’s development.
However, in a significant shift, the government has now signed an MoU with the Russian company, Summa Group, to execute the project.
It is worthy of mention that the Lagos State’s N3.367 trillion 2025 budget allocates N1.052 trillion for infrastructure development, with several key projects planned around the proposed Lekki-Epe International Airport.
These include the construction of the Lekki-Epe (Orisa) Bridge and its approach road, as well as the Lekki-Epe Road, both of which will enhance access to the new airport and surrounding economic hubs.
In a recent guided tour and official visit to Alaro City situated on the Lekki-Epe Expressway, the governor again reiterated his administration’s commitment to the delivery of the Lekki Airport and other iconic infrastructural projects in different parts of the state.
He also disclosed that regulators in the aviation industry will be in Lagos State this week for a review and site inspection that will lead to the commencement of the construction of the Lekki Airport, which will help future investments in the State.
The governor, who spent over two hours inspecting the four companies inside the Alaro City—Ariel Foods, BUA, TY Danjuma Logistics Park, and Universal Homes—also disclosed that work will soon commence on the Green Line Rail project, which is from Marina to Lekki, noting that the funding for the project is being worked out.
He said: “We commend Alaro City for the amount of physical infrastructure that has been laid on the ground to encourage businesses and investors to come down to the city.
“As a government, we have put in place infrastructure to be able to receive investments in this corridor. We need to give credit to our visionary President Bola Tinubu, who was the governor that started the Lekki Free Trade Zone about two decades ago, and I was uniquely opportune to be part of his team at that time. We have seen successive growth since then.
“Alaro City is a success story. We want to encourage investors that are still on the borderline that you need to make a call now because things are moving very fast.
“We thank all Lagosians for believing in our city and state. The Lekki-Epe Expressway will open and will continue opening up for investments into this part of the city.
“There is a plan for the Green Line Rail, which will eventually come to this neighbourhood. There are additional life-changing projects that are happening outside of what has happened in the last 10-15 years. I am extremely excited knowing fully what this place will be in another 10 years from now.”
Speaking earlier, the Chairman of Alaro City, Mr. Ayo Gbeleyi, said the Lekki Free Trade Zone corridor is the right place to invest based on the huge infrastructural development by the Lagos State government in the zone.
Also speaking, the Managing Director of Alaro City, Mr. Yomi Ademola, commended the partnership between Lagos State Government and the private organisations, which, according to him, has attracted many investments to Lagos and created more job opportunities for the residents.
Just imagine in your sub-conscious the figures the Lagos State’s GDP would look like in the next five to ten years when all of these iconic projects and more in the pipeline come fully on stream! Massive, isn’t it?
That is the power of vision. The is the power of transformative leadership as being exemplified by Governor Babajide Sanwo-Olu.