Kogi State Government has initiated steps towards the development of the proposed Lokoja International Airport, a N50 billion project aimed at boosting infrastructure and economic growth in North Central Nigeria.
The airport, to be sited in Zariagi community, will be financed through a partnership with Sukuk, an Islamic financial institution. Construction is expected to begin shortly, following preliminary engagements between both parties.
On Tuesday, representatives of Sukuk inspected the 4,000-hectare project site as part of the requirements for accessing funds for the development. The visit formed part of due diligence processes preceding the release of financing.
Speaking to journalists, Amin Mohammed, a Sukuk financial expert and Head of Public Sector at AVIA Capital, explained that the N50 billion facility would be interest-free.
“Sukuk, as financier of the project, will be part owner, as the whole idea is aimed at facilitating investments for the state’s accelerated development,” he said.
Also speaking, Engineer Achem Enemaku, Director at the Kogi State Ministry of Transportation, who guided the delegation round the proposed site, described the inspection as a preparatory step towards the commencement of construction.
“Already, the project has an approved budget sum of N50 billion, while feasibility study and design of the project had been carried out. Governor Ahmed Usman Ododo has also approved bidding for the project and work is about to commence after necessary due process,” Enemaku stated.
The Sukuk delegation further visited the ongoing Lokoja International Market project along Zone 8 Road. Mohammed expressed satisfaction with the quality and pace of work on the market development.
“The ongoing construction of Lokoja International Market under our funding will gulp the sum of N31 billion, of which N7 billion has been paid as mobilisation. The project is to be completed in 36 months,” he disclosed.
The state government had earlier approved the relocation of the International Market from its current site due to persistent vehicular congestion in the area.
