Nigeria has secured a US $747 million USD syndicated loan to fund Phase 1 Section 1 (Victoria Island to Eleko Village) of the Lagos–Calabar Coastal Highway, the Ministry of Finance announced Wednesday, July 9. The facility, led by Deutsche Bank, marks the largest syndicated loan ever obtained for a road infrastructure project in Nigeria.
The deal names Deutsche Bank as global coordinator, lead arranger, and bookrunner, drawing in a consortium including First Abu Dhabi Bank, Afreximbank, ECOWAS Bank for Investment and Development, ADEX, Nexent Bank, and Zenith Bank. Political and commercial risk insurance is provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Stretching over 47.47 km, Phase 1 Section 1 is more than 70 percent complete and is being built using Continuously Reinforced Concrete Pavement (CRCP) designed for longevity and minimal upkeep. The project follows an EPC + F (Engineering, Procurement, Construction + Financing) model awarded to Hitech Construction Company.
Finance Minister Wale Edun said the transaction reflects renewed international confidence in Nigeria’s economic reform agenda and its readiness to leverage public-private partnerships to deliver critical infrastructure. The highway, spanning approximately 700 km upon completion, is expected to enhance trade, regional connectivity, logistics, and economic growth across southern Nigeria
