Investor interest in the business and residential region of the Lekki Free Zone, and in particular Alaro City, has surged since the Federal Government recently approved the construction of the Lekki International Airport.
The Lagos State Government will start building the airport in collaboration with private investors in 2019. The Airbus A380, the largest passenger airliner in the world, will be able to land at the airport because it was built as a Code F facility.
The building of the international airport next to Alaro City will significantly boost the area’s infrastructure and economic growth. The Murtala Muhammed International Airport, Nigeria’s main airport, would see less congestion thanks to the new Lekki International Airport.
Due to the growth of the Lekki Free Zone axis, investors have already started voting with their checks. Real estate attorney Anthony Asuzu remarked, “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.”
A certificate of occupancy ensures that clients of Alaro City, which is situated in the Lekki Free Zone’s north-western quadrant close to the airport, have obtained property ownership.
Alaro City’s value proposition has already attracted over 60 commercial companies, including industry titans like BUA Group’s Starium, Mantrac Caterpillar, and Ariel Foods, as well as 400 residential units thanks to its world-class infrastructure, which includes an eight-lane main boulevard road, road networks with storm drainages, a hybrid independent power plant (scalable to 120 MVA), internet connection, water and retail gas supply, and a centralised sewage and waste-water treatment plant.
Yomi Adeola, the managing director of Alaro City, praised the Lagos State Government for obtaining approval for the Lekki International Airport’s construction.
He reassured current and prospective investors that developers are resolute in their objective to build a modern metropolis that will benefit from essential infrastructures, including the air and seaports, and that they will support the economic growth in the State and Nigeria.
“Air transport is vital to social progress and economic prosperity, and the Lekki International Airport, once completed, will significantly contribute to the life and business of Alaro City, and the wider catchment area,” he said.
For their contributions and efforts in the axis, the Lagos State Government, Lekki Worldwide Investments Limited (a Lagos State investment company), and Rendeavour have received great praise.
When the Lekki Deep Sea Port’s construction was finished in October 2022, it became a popular destination and the largest and deepest seaport in Nigeria and West Africa with the ability to handle huge vessels. The region anticipates real economic benefits, such as connection, capital value, and employment prospects, with these important infrastructures in place.