REVEALED: FG secures the largest-ever infrastructure loan to construct 47.5km road

• The national authorities of Nigeria initiated the Lagos-Calabar Coastal Highway task successful 2024 to nexus 9 states and 2 regions
• Since the commencement of the roadworthy project, respective milestones person been recorded, but the roadworthy has been stalled by a deficiency of funds
• The national authorities has present secured the largest-ever indebtedness to beryllium gotten for a roadworthy project, to concern a tiny information of the road

Ruth Okwumbu-Imafidon, a writer with Legit.ng, has implicit a decennary of acquisition successful business reporting crossed integer and mainstream media.

The Federal Government of Nigeria has secured a $747 cardinal indebtedness to implicit the Lagos-Calabar Coastal Highway Project.

The Spokesperson from the Federal Ministry of Finance confirmed that this indebtedness would beryllium the archetypal indebtedness of this size taken for a roadworthy operation project.

This syndicated indebtedness is led by Deutsche Bank and volition beryllium channeled into the operation of the archetypal signifier of the 700-kilometer highway.

The task was awarded to HiTech Construction Company Limited. Photo credit: Ministry of works
Source: Facebook

Upon completion, the 700-kilometer (or 435-mile) road is expected to nexus 9 states betwixt Lagos and Cross Rivers State.

Lagos-Calabar Highway to beryllium completed successful 8 years

The Lagos-Calabar Coastal Highway task was initiated nether the existent medication of President Bola Tinubu, and operation was awarded to Hitech Construction Company Limited.

The existent operation was reported to person started successful March 2024, and immoderate demolitions were carried retired successful the area.

Minister of Works, David Umahi, confirmed the national authorities would wage N2.75 cardinal successful compensation to spot owners affected by the demolition.

He besides promised that much compensation would beryllium paid to spot owners on the coastal corridor.

The task is expected to devour N15.6 trillion (over $11 billion), an expenditure that erstwhile President Olusegun Obasanjo described arsenic wasteful and corrupt.

The authorities projects that the road volition beryllium completed successful 8 years.

In the meantime, the Lagos State Government has suspended readying approvals along the Lagos-Calabar Coastal Road.

This is owed to its disruption of ongoing municipality improvement plans successful the area, and the interaction of the task connected the Ode-Omi Action Area Plan and the Ibeju-Lekki Model City Plan.

The Lagos authorities authorities has suspended spot approvals on the corridor for the involvement of the project. Photo credit: LASG
Source: Twitter

Who gave the loan?

According to Reuters, the $747 cardinal indebtedness came from a syndicate led by Deutsche Bank.

Other institutions that marque up the syndicate see the First Abu Dhabi Bank, African Export-Import Bank (Afreximbank), Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development (EBID), and Zenith Bank.

The Ministry spokesperson, Manga, stated that the information of the roadworthy to beryllium financed with the indebtedness volition span 47.47 kilometers.

EBID approves $100 cardinal for Lagos-Calabar Highway

In related news, the ECOWAS Bank for Investment and Development (EBID) approved backing of $100 cardinal for the Lagos-Calabar Highway project.

This money was approved as portion of a broader financing package, and the EBID committee of directors considered it 1 of respective projects expected to boost economical and concern maturation connected the continent.

Legit.ng reported that the support came during the EBID 92nd mean league gathering held connected 30 June 2025.

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Source: Legit.ng