Aviation Minister, Mrs Stella Odua who disclosed this while briefing the press, said that the project would commence within the next 3months and is expected to be completed within 24 months.
She said the projects are to be executed with a concessionary loan of 22 years with 5 years moratorium at an interest rate of 2 per cent.
The Minister who explained that the project was approved at the last Federal Executive Council meeting, disclosed that the loan was granted by Chinese Nexim Bank, saying that the project would be executed by a Chinese firm.
Oduah said: "As we travel round the world, we see and admire international airports in other countries and wish that our nation could boast of just one that can truly go by the name international airport. Today, following the approval of FEC, we have concluded arrangements to commence construction of not just one, but five brand new, world class international airports."
Describing the initiative as part of moves to ensure Nigerians and travelers enjoy good travelling experience, the Minister stated that construction of the new airports will further contribute to the nation's Gross Domestic Product (GDP).
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