Nigerian Government Secures $747M Loan for Lagos-Calabar Highway Phase 1

The Nigerian Federal Government, under President Bola Ahmed Tinubu's Renewed Hope Infrastructure Development Agenda, has secured a $747 million syndicated loan led by Deutsche Bank to finance Phase 1 Section 1 of the Lagos-Calabar Coastal Highway, covering a 47.47-kilometre stretch from Victoria Island to Eleko Village. This loan marks the largest syndicated road infrastructure financing in Nigeria and signals growing international investor confidence due to ongoing economic reforms and transparent infrastructure investment efforts. The financing syndicate includes prominent regional and international lenders such as First Abu Dhabi Bank, African Export-Import Bank, ECOWAS Bank for Investment and Development, Nexent Bank N.V., and Zenith Bank, with the Islamic Corporation for the Insurance of Investment and Export Credit providing partial political and commercial risk insurance. The project uses a strategic EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, aiming to foster a public-private partnership for efficient delivery and sustainable infrastructure development. Finance Minister Wale Edun highlighted the deal as a milestone for Nigerian and West African infrastructure, reinforcing the government's focus on sustainable, transparent, and catalytic financing models. The highway, employing durable Continuously Reinforced Concrete Pavement (CRCP) technology designed to last at least 50 years, is expected to boost regional trade, logistics, and tourism along Nigeria’s southern corridor.