On Oct 2022 the Federal Government of Nigeria granted approval to the Lagos State Government for the construction of the new international airport in Epe/ Ibeju-Lekki.
The minister of aviation, Mr. Hadi Sirika officially handed the approval document to the Lagos State Governor, Babajide Sanwo-Olu at an economic summit in Lagos.
The new Lekki-Epe international airport is going to greatly enhance the economic development of West Africa and most especially Lagos.
To handle the growing travel population and with the industrialization of the Epe area, it will be easier for people to fly in the equipment and personnel close to the industries,
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Also serving as a means to create, attract and maintain high-wage jobs in the new developing axis of Ibeju-Lekki, which would improve the overall quality of life.
In addition, the new airport will relieve tension at the aging Murtala Muhammed International Airport, as well as serve the fast-growing industrial Lekki district, the Lekki Deep Seaport, Dangote’s refinery, the Lekki Free Zone, and other locations.
DETAILS ABOUT THE NEW LEKKI-EPE INTERNATIONAL AIRPORT
Lagos being the commercial hub of West Africa attracts millions of people every year, which as previously stated, is causing lots of strain on the only existing airport in Ikeja.
The new international airport at the Lekki-Epe axis is located adjacent to the famous Alaro City and about 10 kilometers from the Lekki Free Trade Zone (LFTZ), occupying over 3500 acres of land.
Upon completion, the airport is designed to service more than five million passengers per year, with room for expansion in the future.
The Lekki-Epe Airport project’s first phase is anticipated to cost around $450 million. It is designed to accommodate big cargo planes and the Airbus A380, the world’s largest passenger airplane typically seats 525 passengers.
The Project is expected to take off in the first quarter of 2023 with the support of private investors and the Lagos state government.
Major Landmarks Around The Airport.
1. Lekki Free Trade Zone
The Lekki Free Zone which was established in 2006 is a modern free zone that follows international best practices. The zone’s 16,500 hectares are separated into four quadrants and administered by a variety of operators, taking advantage of Lagos State’s status as West Africa’s main distribution hub. It is 50 kilometers from Victoria Island, Lagos, and is bordered by five kilometers of coastline.
2. Alaro City
The city is located in the Lekki Free Zone’s North West Quadrant in Lagos, Nigeria. Conveniently facing the Lekki-Epe Expressway, providing easy access to Lagos and the rest of Nigeria. To the south of the city, the largest deep-sea port in West Africa is now under construction.
3 Dangote Refinery
Alhaji Aliko Dangote, Africa’s richest man, is building the continent’s largest oil refinery, a fertilizer factory, a petrochemical plant, and a sub-sea gas pipeline project, which is valued at $17 billion.
4. Lekki Sea Port
The largest deep-water port in West Africa is also being built, allowing exports to West Africa and beyond. Local and international investors are flocking to the Zone.
Benefits Of The Airport To You As A Business Owner Or A Real Estate Investor.
The new international airport in Lekki-Epe will provide so many benefits to the resident, investors, and the Lagos state government. Also, improvement to the Economy of Nigeria. Other benefits include.
1. Provides a huge Investment Opportunity For ‘Newbies’.
This massive development is going to provide a lot of opportunities for profits and long-term investment options for new and veteran real-estate or property investors.
Mainly due to the relatively low cost of buying these properties in 2022 and the potential for high returns on investment.
However, before you begin signing checks, you must first understand the significance of land titles and pricing.
The majority of the land on sale near the airport does not have well-documented land titles. Most real estate companies would tell you that their land title is either ‘EXCISION IN PROGRESS’ or ‘FREE HOLD’.
This explains the disparities in gross prices between different real estate firms. Make sure any block of land in Ibeju-Lekki / Epe has a legal and verifiable title before paying for it.
Some real estate agents may tell you that a Gazette or excision in a procedure is a ‘done deal’ and that you don’t need to worry; nevertheless, if you’re knowledgeable about how the Nigerian system works, you should understand that there’s no guarantee until you have proper documentation.
2. Land and Houses Price Appreciation.
This benefit is strictly meant to be enjoyed by land or property owners within the Ibeju-Lekki / Epe region of Lagos.
According to research, Landed properties located around most airports, have the potential to appreciate up to 40% in value in the first few years during the construction stage of the airport, and the value rises up to 80- 100% after the airport is fully operational.
Once landed property is strategically placed close enough to gain all of the benefits of living near an airport while remaining far enough away to avoid the drawbacks of living too close to an airport, such as noise pollution and potential health concerns.
Housing costs would also rise as a result of the extra benefit of convenience. Hence, this serves as a great benefit to investors in the area.
3 . Increased Business And Commercial Activities
Because of the strategic location of the new Epe Airport, and other major projects like Alaro City, Lekki Free Trade Zone, and the Deep sea port, all of which have been projected to create over 400,000 jobs and migration of over 1 million people.
This would automatically unlock a vast economic gold mine for business and commercial activities.
Conclusion
In conclusion, the Lekki-Epe international airport is set to bring economic growth to the Epe Axis of Lagos.
And the only way you can take advantage of this opportunity is to actively invest in real estate or landed properties.
The current average price of land is within #3M – #15M per plot, depending on the location and land title documents.