The ongoing development of the Gateway International Airport has been given another fillip with the commitment of The Heritage Corporation of the United States of America and a consortium of four leading Nigerian Banks to complete the first phase of the project by December 2010. Briefing Governor Gbenga Daniel and members of the Ogun State Executive Council on Wednesday April 15, the Heritage Corporation, a project development firm, based on a preliminary financial plan prepared for it by  Michael Moroney and Associates , a United States leading project financing outfit , says it will source the 275 Million Dollars expected to be expended on the runway, terminal building ,control tower and other components of the first phase from the World Bank, United States EXIM Bank and four Nigerian Banks which include Standard
Chartered , Intercontinental , First Bank and UBA.
 

The lead financial Consultant, Michael Moroney who did the lead presentation said the consortium has decided to enhance the viability of the airport by incorporating the construction of a monorail and toll road that would take people directly to the airport from designated points in Lagos and Ibadan. He said the monorail lines would have 200km with 100km connecting Lagos, 60km connecting Abeokuta while 40km
will connect Ibadan from the Airport. The toll road will connect the Lagos Ibadan and Sagamu – Benin Expressway.
 

Also talking about the economic projections, Moroney said the presence of the Gateway Airport will create an environment that fosters economic vitality in the region. He said transportation and air Cargo facilities will enhance local businesses and offer incentives for new businesses to locate to the area. He highlighted other benefits to include employment of over 10,000 people directly and indirectly, air cargo and small packages services, general and corporate aviation services, income to local businesses through airport related spending and a projected passenger service of 20 million by 2020. On the whole it is projected that by 2020 that the Gateway International Airport will log 170Million Dollars as annual payroll while its total financial output will stand at 352 Million Dollars.
 

A statement by Gbenro Adebanjo, chief press secretary to Governor said a representative of the consortium of Banks who also spoke at the occasion saluted the vision of the Otunba Daniel administration for jumpstarting the project. Describing it as bankable, economically viable, well thought-out and properly located, he said the management of his bank has already set aside N5 Billion as bridge financing which is ready for disbursement as soon as the project consultants set a date for the beginning of construction.
 

Governor Daniel while responding said the Gateway Airport was one of the key development programme of his administration conceived to harness the position of Ogun State as the Gateway to the Nation and engender economic activities that would benefit the State and Nigeria. He said the beginning of construction would have a direct impact on the economy while ensuring that thousands of jobs and spin off industries are created, a welcome development in a period of economic meltdown. He said his administration has been painstaking in the development of the project to ensure that it delivered an airport of international standard that will be fully
private sector driven and stand the test of time.

 In advancing the developing the Gateway International Airport project, Technical Airport designs and Final Master Plan of the project spanning about 10,000 hectares has been developed by an International highly rated Airport design group, Dar-Al-Handasah, which developed the Dubai International Airport, with a view to ensuring that the project meets International standards and certification. The preparation of the master plan was preceded by the generation of Wind data surveys, Topographical Surveys, Obstacle surveys and preparation of all other relevant Studies which were awarded to the finest Consulting firms selected through a process of keen competition. The group has submitted the Final Master Plan of the Project and further generated the terms of reference to guide Contractors bid for the Project and to aid the evaluation processes which has just been finalized.  Moroney said by the conception of the Gateway Airport it would provide capacity relief for the Murtala Mohammed International Airport through what he described as “ recruitment of air traffic activity from MMA to Gateway Airport.” He said on completion the first phase will have a terminal building, runway with category 3 instrument landing, aircraft aprons, cargo facilities, aircraft fuel storage facilities, aircraft maintenance facilities, provision for hotel and commercial activity areas.