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, describing the achievement as a significant boost to Nigeria’s infrastructure development. The deal was secured through a collaboration among the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office, according to a statement by Presidential spokesman Bayo Onanuga. This milestone is expected to ensure uninterrupted progress on a project that holds transformative potential for the region.
Phase 1, Section 2 of the Lagos–Calabar Coastal Highway spans approximately 55.7 kilometres, linking Eleko in Lekki to Ode‑Omi. The highway is a key component of the government’s economic and infrastructure agenda, and President Tinubu emphasized that it remains central to these priorities. “This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” he said, adding that his administration will continue to explore funding opportunities for 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 transaction marks ICIEC’s largest deal 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. Its scalability and attractiveness to international financiers were previously demonstrated by a $747 million financing secured for Phase 1, Section 1. With the new financing in place, the project is poised to make significant progress, contributing to Nigeria’s infrastructure development and economic growth.
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