NIGERIA SECURES OVER 1.1 BILLION DOLLARS FOR LAGOS-CALABAR COASTAL HIGHWAY

President Bola Tinubu has praised the successful securing of USD 1.126 billion in financing for the next section of the Lagos-Calabar Coastal Highway, describing it as a major achievement. In a statement, the President applauded the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office for their collaboration on the transaction.

Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the transaction as a defining moment in Nigeria’s infrastructure journey in a statement. Edun said the fund will be deployed responsibly to deliver on the project within timelines. The financing covers Phase 1, Section 2, which is approximately 55.7 kilometres connecting Eleko in Lekki to Ode-Omi.

The facility was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit. This marks the largest ICIEC-supported transaction since the institution’s creation. The financing follows the earlier closing of USD 747 million for Phase 1, Section 1.

Edun added that the project is a defining flagship of President Tinubu’s Renewed Hope agenda. Construction is being executed by Hitech Construction Company Limited. The federal government emphasized its commitment to transparency, noting a comprehensive Value-for-Money assessment was conducted and independently reviewed.

President Tinubu stated that closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded and that his administration will continue to explore creative financing for critical projects. The transaction was signed on December 19, 2025.