Nigeria Approves $652 Million Loan for Lekki Port Road Project

Nigeria's Federal Executive Council has approved a $652 million loan from China Exim Bank to construct a critical evacuation road connecting the Lekki Deep Sea Port, Dangote Petroleum Refinery, and Fertilizer Plant to major southern and northern transportation routes. The 50-kilometer dual carriageway, with five kilometers of bridges, will facilitate the efficient movement of industrial goods, reduce logistics costs, and boost economic integration across Nigeria. The project is part of a broader effort to modernize the country's infrastructure and enhance non-oil exports, addressing congestion and delays in existing transport corridors. This initiative deepens Nigeria’s reliance on Chinese loans for large-scale infrastructure, with the country’s debt to China now exceeding $5 billion. Officials emphasize that the new road will support high-volume industrial activities in the Lekki Free Trade Zone and reinforce Nigeria’s status as Africa’s largest oil producer and most populous nation.