Nigeria Secures $747 Million Loan for Lagos-Calabar Coastal Highway Project

Strategic Insights -

The Federal Government has secured a $747 million loan to finance Phase 1, Section 1 of the Lagos-Calabar Coastal Highway project, spanning from Victoria Island to Eleko Village. This milestone represents the largest syndicated road infrastructure loan in Nigeria's history, signaling growing global investor confidence in the country's reform agenda and infrastructure development pipeline. The project, which is over 70% complete, utilizes Continuously Reinforced Concrete Pavement (CRCP) technology with a minimum lifespan of 50 years and minimal maintenance.

Key Takeaways:

  • The loan, arranged by Deutsche Bank, is the largest syndicated road infrastructure loan in Nigeria's history, with a total value of $747 million.
  • The project will stretch from Victoria Island to Eleko Village, representing Phase 1, Section 1 of the Lagos-Calabar Coastal Highway project.
  • The loan was arranged by Deutsche Bank as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, alongside regional and international financiers.
  • The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.
  • The project is being built using Continuously Reinforced Concrete Pavement (CRCP) technology, designed for a minimum lifespan of 50 years with minimal maintenance.
  • The project design adheres to top global standards, shaped by extensive technical, legal, environmental, and social assessments.
  • Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the deal reflects renewed international confidence in Nigeria's economy under President Bola Tinubu's administration.
  • The project reflects Nigeria's commitment to sustainable, transparent, and catalytic infrastructure financing, as well as its readiness to embrace Public-Private Partnerships in delivering critical infrastructure.

Statistics:

  • $747 million: Total loan value for Phase 1, Section 1 of the Lagos-Calabar Coastal Highway project.
  • 70%: Completion percentage of the project.
  • 50 years: Minimum lifespan of the road utilizing Continuously Reinforced Concrete Pavement (CRCP) technology.
  • $747 million: Amount secured as the largest syndicated road infrastructure loan in Nigeria's history.

Sources:

  • Vanguard, 2025. All rights reserved.
  • AllAfrica Global Media (allAfrica.com).