The Federal Government has secured about one point two billion dollars in financing from the United Arab Emirates to advance construction of a major section of the Lagos–Calabar Coastal Highway. The Presidency announced the deal on Friday, according to Bloomberg.
The funding will be used for a 56-kilometre stretch of the coastal freeway, one of the government’s flagship infrastructure projects. When completed, the highway is expected to run for about 700 kilometres along Nigeria’s Atlantic coastline, linking major economic and commercial centres.
President Bola Tinubu said the agreement would ensure uninterrupted progress on the project as the government works to close Nigeria’s infrastructure gap. He added that the administration would continue to pursue alternative financing options to support large-scale infrastructure development.
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The transaction was led by Deutsche Bank as Global Coordinator and Lead Arranger, alongside a consortium including First Abu Dhabi Bank, Afreximbank, the ECOWAS Bank for Investment and Development, Nexent Bank and Zenith Bank. The loan was fully underwritten by First Abu Dhabi Bank, with risk cover provided by the Islamic Corporation for the Insurance of Investment and Export Credit.
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