- President Tinubu praised the successful closure of the deal in a statement issued on Friday by his Special Adviser
- Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the agreement as a landmark achievement in Nigeria
- In line with transparency commitments, the project also underwent a comprehensive Value-for-Money assessment
The Federal Government has secured a fresh $1.26 billion funding package for the construction of Phase One, Section Two of the Lagos–Calabar Coastal Highway, a development that has drawn commendation from President Bola Ahmed Tinubu.
Eko Hot Blog reports that the financing arrangement marks a major breakthrough in the delivery of what the Presidency has described as one of Africa’s most far-reaching and transformative infrastructure undertakings, reinforcing Nigeria’s push for large-scale economic connectivity.
EDITOR’S PICK
- Yuletide Season: Lagos Calls for Responsible Waste Disposal
- Eko Hot Blog Spreads Christmas Cheer, Rewards Top Fans with Cash and Live Chickens
- Tinubu’s Economic Reforms in Nigeria’s Best Interest – GNI
President Tinubu praised the successful closure of the deal in a statement issued on Friday by his Special Adviser on Information and Strategy, Bayo Onanuga.
The President lauded the coordinated efforts of the Ministries of Finance and Works, alongside the Debt Management Office, noting that innovative funding strategies remain central to his administration’s development agenda.
According to Tinubu, the completion of the transaction ensures uninterrupted progress on the Lagos–Calabar Coastal Highway, stressing that the Federal Government will continue to explore diverse financing windows to support key infrastructure projects nationwide.
The newly secured funding covers about 55.7 kilometres, stretching from Eleko in Lekki to Ode-Omi, a corridor considered vital to national trade, logistics efficiency, and economic integration. The deal follows the earlier financial close of $747 million for Phase One, Section One, further strengthening the project’s credibility and bankability.
Onanuga disclosed that the facility was fully underwritten by First Abu Dhabi Bank, with risk guarantees provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). He noted that this transaction represents ICIEC’s first engagement in Nigeria since recent regulatory and institutional reforms, signaling renewed investor confidence.
He added that SkyKapital served as Lead Financial Adviser, overseeing transaction structuring and lender coordination, while environmental and social compliance was handled by Earth Active (UK) in line with global ESG standards. Legal advisory roles were led by Hogan Lovells internationally and Templars locally.
Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the agreement as a landmark achievement in Nigeria’s infrastructure evolution.
He assured Nigerians that the funds would be deployed prudently to ensure timely project delivery, aligning with President Tinubu’s Renewed Hope Agenda.
Construction work is being carried out by Hitech Construction Company Limited, whose pace and engineering standards have reportedly earned praise from financiers.
In line with transparency commitments, the project also underwent a comprehensive Value-for-Money assessment, independently reviewed to ensure fiscal discipline and accountability.
FURTHER READING
