Nigeria Secures $1.2 Billion UAE Financing for Lagos–Calabar Coastal Highway
The Federal Government has secured approximately $1.2 billion in financing from the United Arab Emirates to accelerate the construction of a critical segment of the Lagos–Calabar Coastal Highway.
According to a statement released by the Presidency on Friday, the funds are earmarked for a 56-kilometre stretch of the ambitious 700-kilometre project, which aims to link Nigeria’s major economic hubs along the Atlantic coastline.
President Bola Tinubu hailed the deal as a “major achievement,” emphasizing that the transaction ensures the flagship project will proceed without interruption.
He noted that his administration is committed to closing Nigeria’s infrastructure gap by pursuing creative financing options. This latest injection follows a previous $747 million financing deal secured in July, underscoring the government’s phased approach to funding this massive transport corridor.
The financing was facilitated through a high-profile loan syndicate led by Deutsche Bank and First Abu Dhabi Bank, with participation from the African Export-Import Bank (Afreximbank), the ECOWAS Bank for Investment and Development (EBID), and Zenith Bank.
To mitigate risk and encourage Gulf participation, the loan was underwritten by First Abu Dhabi Bank and insured by the Islamic Corporation for the Insurance of Investment and Export Credit.
On the technical front, Hitech Construction’s Managing Director, Dany Abboud, confirmed that over 70% of this specific section is already complete.
The project utilizes Continuously Reinforced Concrete Pavement (CRCP) technology, which is expected to provide superior durability and cost efficiency compared to traditional asphalt.
Once finished, the highway is projected to transform regional trade, tourism, and logistics by significantly reducing travel times between southern states.
