Concrete promises

Nigeria secures a $747 million syndicated loan for the Lagos-Calabar Coastal Highway’s first phase, 70% complete.

Nigeria’s Federal Government has secured a $747 million syndicated loan, led by Deutsche Bank and other local and international financiers, to fund Phase 1 Section 1 of the Lagos-Calabar Coastal Highway. This 47-kilometre stretch, from Victoria Island to Eleko Village in Lagos, is over 70 percent complete and constructed using Continuously Reinforced Concrete Pavement (CRCP) for improved durability. Finance Minister Wale Edun highlighted the deal as a sign of growing investor confidence in Nigeria’s economic reforms and infrastructure drive. A tolling framework is being developed to support the highway’s long-term financial viability and ensure sustainable operations post-completion.