The Federal Government has obtained a $747 million syndicated loan to kickstart construction of the ambitious Lagos-Calabar Coastal Highway, a 700-kilometer infrastructure project that will connect Lagos State to Cross River.
The financing deal, led by Deutsche Bank, marks Nigeria’s largest-ever loan for road development, according to Finance Ministry spokesperson Mohammad Manga.
The initial phase of the project, covering 47.47 kilometers, will be funded by the loan facility arranged through a consortium including First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
The full coastal highway, estimated to cost approximately $11 billion, is projected for completion within eight years. When finished, it will serve as a critical transport artery along Nigeria’s southern coastline, linking key economic hubs and boosting regional trade.
The financing milestone comes as Nigeria accelerates infrastructure development to stimulate economic growth, with the coastal highway expected to create jobs and improve connectivity across nine states.