Abuja – President Bola Tinubu has praised the Federal Ministry of Finance for securing USD 1.126 billion in financing for Phase 1, Section 2 of the Lagos-Calabar Coastal Highway, a significant milestone in Africa’s most ambitious infrastructure project. “This is a major achievement, and closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded,” Tinubu said.
The 55.7km stretch connects Eleko in Lekki to Ode-Omi, enhancing national trade efficiency and logistics. Financing was underwritten by First Abu Dhabi Bank (USD 626 million) and Afreximbank (USD 500 million), with ICIEC support. “A defining moment in Nigeria’s infrastructure journey,” said Minister Wale Edun.
The project aligns with Tinubu’s Renewed Hope agenda, demonstrating Nigeria’s ability to execute reforms. Construction by Hitech Construction Company Limited is praised for speed and engineering excellence. A Value-for-Money assessment ensured transparency.
