Nigeria has secured $1.26 billion in financing for the Lagos–Calabar Coastal Highway, a major infrastructure project aimed at strengthening key economic corridors and improving logistics connectivity nationwide. President Bola Tinubu commended the Federal Ministry of Finance for successfully closing the deal, describing it as a significant boost to one of Africa’s most ambitious infrastructure projects.
The financing, which covers Phase One, Section Two of the highway, was fully underwritten by First Abu Dhabi Bank, with risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit. The transaction marks a notable engagement in Nigeria, reflecting growing investor confidence in the country’s reformed investment climate.
The 55.7-kilometer stretch, linking Eleko in Lekki to Ode-Omi, is expected to enhance trade efficiency and improve logistics connectivity. This development follows the earlier $747 million financing secured for Phase One, Section One, demonstrating the project’s scalability and bankability. SkyKapital served as lead financial adviser, while environmental and social advisory services were provided by Earth Active.
Minister of Finance Wale Edun termed the financing a “defining moment in Nigeria’s infrastructure journey,” assuring that the funds would be deployed prudently to deliver the project on schedule. The December 19, 2025, signing of the $1.26 billion facility positions the Lagos–Calabar Coastal Highway as a flagship project of President Tinubu’s Renewed Hope Agenda.
This financing milestone is notable as it represents the first truly underwritten transaction of this magnitude for a Nigerian road infrastructure project. The facility was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial coverage provided by the Islamic Corporation for the Insurance of Investment and Export Credit. The successful closure of this transaction underscores the Nigerian government’s commitment to innovative funding solutions for critical national projects. With this significant investment, the Lagos–Calabar Coastal Highway is poised to play a vital role in enhancing Nigeria’s economic competitiveness and promoting regional development.
