The Lagos State Government has appointed Stanbic IBTC Bank as a financial adviser for the N71.64bn ($450m) first phase of the proposed Lekki-Epe International Airport project.

The phase 1 development of the airport, which is located 10km from the Lekki Free Trade Zone, includes an airport terminal building, air traffic control facilities, airfield ground lighting, and navigation air and aircraft ground services.

The Lagos Airport Development Committee had previously requested bids for the development of phase I under a design, build, finance, operate and maintain concession agreement, which will continue for up to 25 years.

In August 2011, 33 Nigerian and international firms submitted expressions of interest to build the project under a public private partnership arrangement.

The airport will be designed to accommodate the Airbus A380, making it a Code F-compliant airport.

The first phase of the Lekki-Epe International Airport project will have a capacity of two million passengers per year, with the goal of reaching five million passengers by 2015.

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"The project reinforces the bank’s long-standing partnership with the Lagos State Government in the area of infrastructure development, which is informed by the knowledge that infrastructure is the foundation on which socio-economic development is built," said Stanbic IBTC Bank CEO Sola David-Borha.

The airport will begin full operations in 2012.