A consortium led by the Persianas Group and the Nigerian Sovereign Investment Authority (NSIA), an independent investment institution of the Nigerian federation, held a ceremony for the proposed 12,000-capacity arena in Victoria Island, Lagos, Nigeria.

The consortium overseeing the project includes Tayo Amusan, Chairman of The Persianas Group, the NSIA, Live Nation, the world's leading live entertainment company, and the global sports and entertainment company Oak View Group, known for the £365 million Co-op Live arena in Manchester, UK.

Other partners involved are Tunde Folawiyo, Managing Director of the Yinka Folawiyo Group, Nigerian investment fund Adino Capital, and MBO Capital. The consortium aims to establish a monument for entertainment and sports, with hotel and ample parking space.

Spanning over 6 acres (26,836 sqm) near the Palms Shopping Mall Lekki, the arena has been designed by Turkish architecture firm Yazgan Design Architecture, renowned for similar arenas in Dakar and Rwanda.

The arena is designed to accommodate an array of activities, from performances by global and Nigerian music artists to family entertainment and sporting events like basketball games, UFC fights, boxing matches, and WWE shows, etc.

There are aspirations for the Arena to host over 200 events annually, and potentially generate more than 1500 direct and indirect employment opportunities.

Davido, said;

I am excited to hear that work has now started on building the Arena in Lagos. This is something that has been missing in the entertainment landscape in Nigeria for a very long time. Building an Arena in Nigeria means that artists like me will be able to deliver world class performances at home to our fans who have supported us through the years.

“We are incredibly excited to be part of the consortium delivering this groundbreaking arena in Lagos. Nigeria and Africa more broadly present massive opportunities to touring artists when it comes to connecting with their global audiences. This brand new 12,000 capacity venue will open up Nigeria to international stars, and Nigerian artists will benefit hugely from having an arena to showcase their talents in front of a home audience,” said John Reid, President of Live Nation EMEA.

“Nigerian artists are some of the most influential in the world right now and yet they have nowhere to play in their home market. We want to change that. This consortium, headed by Tayo Amusan, has shown enormous tenacity and entrepreneurial spirit in getting this project off the ground and we are proud to be their partner. The arena will also give major brands – both global and local – the chance to showcase to Nigerian audiences for the first time at over 200 electrifying events per year”, said Oak View Group Chairman and CEO, Tim Leiweke.

The Lagos Arena is not just a building; it’s a beacon of possibilities for our entertainment industry and is setting the stage for world-class entertainment. Drawing inspiration from iconic arenas around the world yet distinguishing itself, The Lagos Arena is designed to be a jewel in Nigeria’s crown. The aim is to bring Lagos up to par with its global peers, making it a go-to destination for premier international events. said Jide Sanwo-Olu, Lagos State Governor.