Nigeria Secures $1.26B Coastal Highway Financing

President Bola Tinubu has lauded the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, a flagship project under his Renewed Hope Agenda. This section, spanning 55.7 kilometers from Eleko to Ode-Omi, is expected to significantly enhance national trade efficiency and logistics connectivity in Nigeria. The financing was fully underwritten by First Abu Dhabi Bank and African Export–Import Bank, with risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit, marking its largest transaction and first in Nigeria since recent institutional and regulatory reforms. The deal, which follows an earlier $747 million financing for Phase 1, Section 1, demonstrates Nigeria's ability to attract significant investment for large-scale infrastructure projects. Key entities involved include the Nigeria — Federal Ministry of Interior (Nigeria), Nigeria — Federal Ministry of Works (Nigeria), and United Kingdom — Debt Management Office for securing the funds, and Hitech Construction Company Limited for executing the construction. The Minister of Finance, Wale Edun, emphasized the unprecedented nature of this underwritten transaction for Nigerian road infrastructure, highlighting its importance for Nigeria's economic development.