Consortium Reaches Financial Close on First Phase of Airport Works
A mix of domestic pension capital, development finance and state equity underwrites the runway and cargo apron.
By Ngozi Ilori · 30 July 2026 · Lagos Island
The consortium behind the first phase of the Lekki–Epe International Airport has reached financial close, covering the runway, cargo apron, fuel farm and access road.
The structure combines domestic pension fund allocations, development finance institution lending and a state equity contribution held through a project company.
Under the concession terms, the operator recovers costs through landing, cargo handling and concession fees over a defined term before the asset reverts to the state.
Analysts note that the cargo-led model reduces dependence on passenger traffic forecasts, which have proven optimistic at several regional airports.