FG Secures $747m to Boost Lagos-Calabar Coastal Highway
The Federal Government has secured a $747 million syndicated loan to advance work on the Lagos-Calabar Coastal Highway—one of the signature projects under President Bola Tinubu’s Renewed Hope infrastructure drive. The funding will support Phase 1, Section 1 of the highway, spanning 47 kilometres from Victoria Island to Eleko Village in Lagos.
Construction on the coastal highway officially commenced in March 2024, flagged off by Minister
of Works David Umahi. The project, which sparked nationwide interest, began with the demolition of encroachments along the proposed route and was immediately followed by site clearing, sand filling, and preliminary earthworks. It is being executed by Hitech Construction Company Ltd, one of Nigeria’s leading civil engineering firms. The government emphasized that the project would adopt modern engineering techniques, including reinforced concrete pavement, to ensure durability in the face of coastal conditions.
According to Mohammad Manga, Director of Information and Public Relations at the Ministry of Finance, construction on the stretch is already over 70 percent complete. He said the project is expected to enhance regional trade, strengthen transport links, and streamline logistics across the country’s coastal corridor.
The loan arrangement was unveiled in a statement issued Wednesday by the Ministry of Finance. Global financial giant Deutsche Bank is leading the deal as Global Coordinator and Lead Arranger, working alongside a group of international and regional financial institutions.
Finance Minister Wale Edun hailed the transaction as a major vote of confidence in Nigeria’s economic direction. “This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development,” he stated.
Edun further explained that the funding model underscores the government’s readiness to adopt public-private partnerships (PPP) for major infrastructure delivery. He noted that such collaborations are essential to unlocking private sector investment and ensuring the sustainability of large-scale national projects.
Also commenting on the agreement, Minister of Works David Umahi described it as a landmark moment for national infrastructure. He said the Lagos-Calabar Highway is more than just a road—it is a transformative corridor that will improve coastal access, open up new economic zones, and stimulate job creation across the South-South region and beyond.