- FG Secures Fresh Funding for Lagos-Calabar Coastal Project
- The loan will fund the initial 47.47 kilometers of the project
- The Lagos Calabar Coastal Highway project is projected to cost around $11 billion
The Federal Government has reportedly secured a $747 million loan to finance the first phase of the Lagos Calabar Coastal Highway project, Eko Hot Blog reports.
According to a report released Thursday, the Ministry of Finance stated that the funding, arranged by Deutsche Bank, represents the largest loan Nigeria has ever obtained for a road infrastructure project.
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It was gathered that the loan will fund the initial 47.47 kilometers of the project, which is part of the planned 700 kilometer (435 mile) expressway connecting Lagos State to Calabar, the capital of Cross River State.
Speaking on the development, Ministry spokesperson Mohammad Manga described the syndicated loan as a major milestone.
He noted that the project reflects a significant step in advancing the current administration’s infrastructure development goals.
Deutsche Bank served as the global coordinator and was joined by First Abu Dhabi Bank, African Export Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Nigeria’s Zenith Bank.
“This is the first time Nigeria is securing such a large-scale syndicated loan strictly for road infrastructure,” Manga stated, according to Reuters.
The Lagos Calabar Coastal Highway project is projected to cost around $11 billion and will be executed in phases over an eight year period.
The highway is regarded as a transformative infrastructure initiative aimed at unlocking economic corridors along Nigeria’s coastline, strengthening regional connectivity, and promoting trade and tourism.
President Tinubu’s administration has consistently defended the project in the face of public concerns regarding its cost, duration, and environmental implications.
The government maintains that the project will deliver lasting economic benefits and establish Nigeria as a key logistics hub in West Africa.
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