The Kogi State Government in North-Central Nigeria has commenced the process of establishing the Lokoja International Airport, valued at N50 billion.
The project, located in Zariagi community, will be executed in collaboration with a Sukuk financial institution, which will provide funding. Construction work on the project is expected to commence soon.
Officials of the Sukuk inspected the proposed project site, which covers 4,000 hectares of land, as part of the requirements for accessing funds for the airport’s execution.
Amin Mohammed, a Sukuk financial expert and Head of Public Sector at AVIA Capital, disclosed to journalists that the N50 billion funding for the project will be interest-free.
“Sukuk, as financier of the project, will be a part owner, as the whole idea is aimed at facilitating investments for the state’s accelerated development,” he said.
A Director in the Kogi State Ministry of Transportation, Engineer Achem Enemaku, who conducted the Sukuk officials round the proposed airport site, said the visit was part of preparations towards the commencement of work.
“The project already has an approved budget of N50 billion, while the feasibility study and design have been completed. Governor Ahmed Usman Ododo has also approved bidding for the project, and work is set to commence after the necessary due process,” he stated.
The team also inspected the ongoing construction of the Lokoja International Market located along Zone 8 Road, where Mohammed expressed satisfaction with the pace and quality of work.
“The ongoing construction of the Lokoja International Market under our funding will cost N31 billion, of which N7 billion has been paid as mobilisation. The project is expected to be completed within 36 months,” Mohammed disclosed.
The Kogi State Government earlier had decided to relocate the International Market from its present location due to traffic congestion experienced at the location.