President Bola Tinubu has welcomed the successful completion of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, a major infrastructure project in Nigeria. The President described the achievement as a significant boost to the country’s infrastructure development.
According to a statement by Presidential spokesman Bayo Onanuga, the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office collaborated to secure the funding. The milestone is expected to ensure uninterrupted progress on the project, which has transformative potential for the region.
The Lagos–Calabar Coastal Highway is a key component of the government’s economic and infrastructure agenda. Phase 1, Section 2 of the project spans approximately 55.7 kilometers, linking Eleko in Lekki to Ode-Omi. The financing deal demonstrates the administration’s commitment to exploring innovative funding options for critical national projects.
President Tinubu emphasized that the highway remains central to the government’s economic and infrastructure agenda. “This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” he said. The President added that his administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country.
The financing 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 (ICIEC). This marks ICIEC’s largest transaction since Nigeria’s institutional and regulatory reforms, reflecting growing investor confidence in the country’s reformed investment climate.
The Lagos–Calabar Coastal Highway is expected to enhance national trade efficiency and logistics connectivity, covering key economic corridors. The project’s scalability and attractiveness to international financiers were reinforced by an earlier $747 million secured for Phase 1, Section 1. With the completion of the financing deal, the project is poised to make significant progress, contributing to Nigeria’s infrastructure development and economic growth.
