In a defining moment for Nigeria’s infrastructure ambitions, the Federal Government has secured a landmark $747 million syndicated loan for Phase 1 Section 1 of the Lagos Calabar Coastal Highway. The facility, arranged by Deutsche Bank, covers the 47.47 kilometre stretch from Victoria Island to Eleko Village and represents the largest road infrastructure financing package of its kind in Nigerian history.
The syndicated loan marks a vote of confidence in Nigeria’s economic reforms and infrastructure strategy under President Bola Ahmed Tinubu’s Renewed Hope Agenda. It also signals renewed interest from global investors in the country’s long term development trajectory.
Deutsche Bank served as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner. The deal attracted participation from key international and regional lenders including First Abu Dhabi Bank (acting as Facility and Intercreditor Agent), African Export Import Bank (Afrexim), Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank NV, and Zenith Bank through its UK, Paris and Nigerian branches. Risk insurance was provided in part by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The project is being delivered as an EPC+F (Engineering Procurement Construction + Financing) contract with Hitech Construction Company, one of Nigeria’s leading infrastructure firms. This integrated model ensures rapid implementation while aligning technical execution with private sector capital. Construction is already over 70 percent complete on this initial phase.
Built with Continuously Reinforced Concrete Pavement (CRCP) technology, the highway is designed to last over 50 years with minimal maintenance. It reflects global best practices in environmental, legal and technical standards. When complete, the Lagos Calabar Coastal Highway will serve as a critical logistics and economic corridor, enhancing trade, tourism, regional integration and employment across Nigeria’s coastal states.
A tolling strategy is being finalised to support the project’s sustainability and ensure long term private sector participation. Meanwhile, financing for subsequent phases is already in motion, with strong interest from both development finance institutions and commercial banks.
This landmark transaction underscores the Tinubu administration’s commitment to delivering bankable high impact infrastructure projects that boost economic productivity, unlock private capital and improve quality of life for Nigerians.
