$1.26bn secured as Tinubu pushes Lagos–Calabar highway project forward

President Bola Ahmed Tinubu has commended the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing the development as a major boost to Nigeria’s infrastructure expansion and economic transformation agenda.

In a statement issued on Friday, Presidential spokesman Bayo Onanuga said the President expressed satisfaction with the collaborative efforts of the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office (DMO) in securing the funding.

According to Tinubu, the financing milestone will ensure the uninterrupted execution of the coastal highway project, which he described as one of the most ambitious and strategic road infrastructure initiatives in the country’s history.

“The Lagos–Calabar Coastal Highway is one of President Bola Tinubu’s best gifts to Nigeria.”

“Those who have condemned this historic project will be ashamed of themselves when the Tinubu administration completes the road,” Onanuga quoted the President as saying.

The President noted that the successful closure of the transaction reflects his administration’s determination to deploy innovative and sustainable funding models for critical national projects.

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded.

Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country,” Tinubu said.

Phase 1, Section 2 of the highway spans approximately 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, key economic corridors expected to significantly enhance trade efficiency, logistics connectivity, and coastal development.

The latest financing follows an earlier $747 million secured for Phase 1, Section 1, underscoring the project’s scalability and growing appeal to international financiers.

The $1.26bn facility was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

Notably, the transaction represents ICIEC’s largest deal since Nigeria’s recent institutional and regulatory reforms, a development analysts say reflects rising investor confidence in the country’s evolving investment climate.

The Lagos–Calabar Coastal Highway is expected to play a pivotal role in boosting economic activity along Nigeria’s coastline, creating jobs, improving regional integration, and strengthening national infrastructure resilience.

Very Nigerian.

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