Tinubu hails USD 1.126bn landmark financing for Lagos-Calabar coastal highway

Tinubu

By JAMIU JAMODU

President Bola Tinubu has praised the Federal Ministry of Finance for successfully closing USD 1.126 billion in financing for the execution of Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, marking a significant milestone in the delivery of Africa’s most ambitious and transformative infrastructure projects.

President Tinubu applauded the Ministries of Finance and Works and the Debt Management Office for working together on the transaction, adding that the federal government will continue to explore creative financing to fund critical projects across the country.

“This is a major achievement, and closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded. Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country,” the President said.

Phase 1, Section 2 covers approximately 55.7 kilometres, connecting Eleko in Lekki to Ode-Omi, key economic corridors and significantly enhancing national trade efficiency and logistics connectivity. The successful financing follows the earlier closing of the USD 747 million financing for Phase 1, Section 1, and demonstrates the scalability and bankability of the Lagos–Calabar Coastal Highway project.

The financing was fully underwritten by First Abu Dhabi Bank (FAB) and Afreximbank, with partial risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), marking ICIEC’s largest transaction since the country’s institutional and regulatory reforms. The structure reflects growing confidence in Nigeria’s reformed investment climate and its capacity to deliver infrastructure.