ABUJA — President Bola Ahmed Tinubu has applauded the successful closure of a USD 1.126 billion financing package for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a major leap forward in Nigeria’s quest for world-class infrastructure under the Renewed Hope Agenda.
The President praised the Federal Ministry of Finance, the Federal Ministry of Works, and the Debt Management Office for working in concert to seal what is now one of the largest underwritten road infrastructure deals in Nigeria’s history.
“This is a major achievement. Closing this transaction ensures that work on the Lagos–Calabar Coastal Highway will continue unimpeded,” President Tinubu said, reaffirming his administration’s commitment to innovative and sustainable financing for priority national projects.
The newly funded section spans 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, a strategic coastal corridor expected to dramatically boost trade efficiency, logistics, and regional connectivity. The deal follows the earlier USD 747 million financing secured for Phase 1, Section 1, firmly establishing the project’s bankability and scale.
The financing was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk cover provided by the Islamic Corporation for the Insurance of Investment and Export Credit, marking its largest Nigeria-related transaction to date. Market analysts say the structure reflects growing global confidence in Nigeria’s reformed investment climate.
SkyKapital served as Lead Financial Adviser, while environmental and social compliance was handled by Earth Active, ensuring alignment with global ESG standards. Legal advisory roles were led by Hogan Lovells and Templars.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the deal as a “defining moment” in Nigeria’s infrastructure journey, stressing that the funds would be deployed responsibly and within agreed timelines.
Construction is being executed by Hitech Construction Company Limited, whose rapid progress and early opening of key sections have drawn praise from lenders for speed, discipline, and engineering excellence.
With an independently verified Value-for-Money assessment already completed, the successful close of Phase 1, Section 2 signals a clear surge in investor confidence — and a bold message that Nigeria is moving decisively from vision to delivery.
— Bayo Onanuga
Special Adviser to the President (Information and Strategy)
December 26, 2025
