The Nigerian Government has secured about $747 million in syndicated loans to finance Phase 1, Section 1 of the Lagos-Calabar Coastal Highway.
Announcing the deal on Wednesday, Mohammed Manga, Director of Information and Public Relations at the Ministry of Finance, said the financing covers the 47.47-kilometre stretch from Victoria Island to Eleko Village in Lagos. He described the agreement as the largest syndicated road infrastructure loan in Nigeria’s history and a clear sign of growing global investor confidence in the country’s economic reforms.
The loan, coordinated by Deutsche Bank, includes contributions from key regional and international lenders.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) is providing partial political and commercial risk insurance, while First Abu Dhabi Bank is serving as the agent across all facilities and the Intercreditor Agent.
Other participating financial institutions include the African Export-Import Bank, Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank through its branches in the UK, Paris, and Nigeria.
The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract and is being executed by Hitech Construction Company, one of Nigeria’s leading infrastructure firms.
According to Manga, this structure fosters strategic cooperation between government and the private sector, enabling faster delivery and greater financial sustainability.
