President Bola Ahmed Tinubu has commended the successful closure of a $1.126 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a milestone in Nigeria’s infrastructure development drive.
The financing, secured by the Federal Ministry of Finance, will fund 55.7 kilometres of the project, connecting Eleko in Lekki to Ode-Omi, a corridor expected to boost trade, logistics efficiency, and national mobility. The deal follows an earlier $747 million financing arrangement for Section 1 of the same project.
According to the Presidency, the package is fully underwritten by First Abu Dhabi Bank and Afreximbank, with additional risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). The government says the development reflects renewed investor confidence in Nigeria’s economic reforms.
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“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” President Tinubu stated, noting that the administration will pursue more creative financing options to fund critical national projects.
Financial advisory services were led by SkyKapital, while legal, environmental, and social advisory roles were handled by international and Nigerian partners to ensure compliance with global investment and ESG standards. The road construction is being executed by Hitech Construction Company Limited.
Minister of Finance, Wale Edun, described the deal as “a defining moment” for infrastructure delivery under the Renewed Hope Agenda, adding that the funds would be deployed responsibly and in accordance with transparency guidelines.
The presidency emphasized that the funding marks a shift in Nigeria’s infrastructure delivery model, moving from planning to execution and from reform to implementation.
