This is a monumental vision for Lagos State and it offers more reasons for more people to move to the Lekki axis: “Lagos State Government has secured approval from the federal government for the construction of the Lekki International Airport in the Lekki-Epe axis of the state.” As that happens, Lagos will have a big unbundling as the richest 1% can now live in their worlds with no reason to come to the Mainland to experience the pains and struggles of the 99%.

Expect property prices to skyrocket in the Lekki axis and you can extrapolate a massive descent in the Ikeja area. Those hotels around Ajao Estate will understand that a new age has started.

Congratulations Lagos State. I challenge Akwa Ibom to build a deep seaport, matching this playbook from Lagos State in the seaport space. Akwa Ibom does not need to do it alone, it can partner with Cross River and Abia states to fund and share benefits of this project.

Diversifying infrastructure in Nigeria should be a priority for the class of 2023, from the states to Aso Rock.

Lagos State Government has secured approval from the federal government for the construction of the Lekki International Airport in the Lekki-Epe axis of the state.

The approval was presented during the Lagos Economic Summit, Ehingbeti2022, by the Minister of Aviation, Hadi Sirika, to the Lagos State Governor, Babajide Sanwo-Olu, on behalf of the Federal Government at Eko Hotel and Suites, Lagos.

“In the name of God the most merciful, we in the Civil Aviation Ministry are pleased to issue out this approval to Lagos State. May it be a vision to Lagos, to its people, its future, its fortune, the country, and to humanity,” Sirika said as he presented the approval to the state governor.

Lagos State Gets Approval for the Construction of Lekki International Airport

Lagos State Government has secured approval from the federal government for the construction of the Lekki International Airport in the Lekki-Epe axis of the state.

The approval was presented during the Lagos Economic Summit, Ehingbeti2022, by the Minister of Aviation, Hadi Sirika, to the Lagos State Governor, Babajide Sanwo-Olu, on behalf of the Federal Government at Eko Hotel and Suites, Lagos.

“In the name of God the most merciful, we in the Civil Aviation Ministry are pleased to issue out this approval to Lagos State. May it be a vision to Lagos, to its people, its future, its fortune, the country, and to humanity,” Sirika said as he presented the approval to the state governor.

Sanwo-Olu, who described the approval as a ‘milestone’, said the Ehingbeti2022 summit will yield a lot more positive news for Lagosians.

“Dear Lagosians, today, we received the approval for the construction of the Lekki Epe Airport at the Lagos Economic Summit, #Ehingbeti2022.

https://twitter.com/jidesanwoolu/status/1579889033500848128?s=20&t=pG7yG1JiE-uWdxG8OElD3A

“This announcement is part of a series of milestone achievements we will be announcing at the 9th edition which I declared open today.  The theme of this year’s summit captures all we have been doing in Lagos since the first edition of Ehingbeti,” the governor said.

The construction of the airport is billed to commence in 2023, according to the Lagos State Government.

Sanwo-Olu explained that Ehingbeti2022 is a forum for all stakeholders in Project Lagos to exchange ideas and chart a path towards accelerating sustainable economic growth in Lagos State. The yearly summit is designed to boost Lagos State’s status as an economic powerhouse and hub, not just in Nigeria, but also in Africa.

The accelerated approval for the Lekki International Airport is in addition to the Lekki Deep Seaport, which was launched earlier this year. Sirika said the federal government did not hesitate to grant the approval for the new airport because of what Lagos represents in Nigeria.

“This city, which houses about 26.7 percent of national GDP, housing our stock exchange, 200 financial institutions, 25 million people, on 5,377 square kilometres of landmass plus Eko Atlantic, plus all the industries, the rich culture, the tradition, the history, the tourist attraction the Eyo Festival, and so on and so forth, needs to be connected to the world to continue to be the center of the economy of the activity of the country, Nigeria.

“And the only way you can link this city of Lagos to the world is obviously — not the only way, but the best way to connect — by infrastructure.

“So, when his Excellency, the governor, approached us in [the] civil aviation ministry and says he wants to build an airport in Lagos, another airport? I said yes, this is a huge step in the very right direction. And the reason is simple. Like I said, in my days of Lagos, the terminal point is MaroKo, Sandfield. When you go there, you only go to mechanic to do panel beating for you — that’s it.

“But today, from here, all the way to outer VGC, all the way to Epe, it’s Lagos. The expansion is astronomical, it’s huge, it’s big. The ideas and the size of the economy is good and big. So you need to continue to link Lagos, not only with Nigeria, [but] Africa and the world.

“So if you look at all these financial institutions, the 200 industrial estates and the Eko Atlantic, there must be a way that these people will come in and out of Lagos on another alternatively, which is the airport in Lekki. Your Excellency, the governor, this is a huge step in the right direction, we didn’t waste time to give the approval. And we’re happy to present the certificate today,” he said.

Apart from the economic value to the state government, the Lekki International Airport is expected to ease life for people around the Lekki-Epe area, who usually have to lodge close to the Murtala Mohammed Int’l Airport, Ikeja, to keep to their flight time.

The political manifestos are emerging – and we can understand one thing: Obi, Atiku and Tinubu want to decouple Nigeria’s future from hydrocarbons. Obi was crystal clear: “diversion from oil dependency”. As I study the emerging documents, one can see a sense of optimism provided the promises could be executed. That has been the challenge in Nigeria – campaign promises are never followed up after elections.

Hoping that the redesign will be different in 2023, I posit that light manufacturing will be a growth policy area. None of the candidates has made mindless promise of “fiatly” strengthening the Naira. But reading some documents, you can see that the playbook is to improve balance of payment and trade. And if they succeed, Naira will have a better outlook.

Light industry are industries that usually are less capital-intensive than heavy industry and are more consumer-oriented than business-oriented, as they typically produce smaller consumer goods. Most light industry products are produced for end users rather than as intermediates for use by other industries. Light industry facilities typically have less environmental impact than those associated with heavy industry. For that reason zoning laws are more likely to permit light industry near residential areas.

The strength of Naira does not come from the central bank’s headquarters or bank branches. Nigerian warehouses and factories (the industrial age and knowledge age types) will provide whatever Naira needs to compete as a currency globally. There is no better way than to make more things in Nigeria.

Atiku has made many statements on revitalization of industries. Obi has used the word “production” a lot. Through Tinubu’s proxies, we can extrapolate the same; he has not been speaking a lot. So, the clear conclusion is this: making things in Nigeria will deliver alpha. I understand the challenge of electricity. Yes, it is a concern but every day, I have seen how gasification is evolving in Nigeria. Indeed, more plants will be powered by gas than diesel over the next few years. That will provide marginal cost positioning until the nation finds a solid solution to energy.

If you want to win, think what you can make using local raw materials in the nation. You will make great friends with policy makers as 2023 loads. Light agro-processing will give you a solid positioning of using one stone to kill two birds (food security and diversion from oil).