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From Juliana Taiwo-Obalonye, Abuja
President Bola Tinubu has celebrated a landmark $1.26 billion financing deal for Phase 1, Section 2 of the Lagos-Calabar Coastal Highway, calling it a “major achievement” that keeps Africa’s boldest infrastructure dream charging ahead without delay.
According to a statement issued by Special Adviser to the President on Information and Strategy, Bayo Onanuga, the funding closure, announced yesterday by the State House, covers 55.7 kilometres from Eleko in Lekki to Ode-Omi, linking vital economic hubs and poised to supercharge trade, logistics, and connectivity across Nigeria’s southern flank. It builds on the earlier $747 million secured in July for Section 1, proving the project’s bankability amid global skepticism.
He applauded the Ministries of Finance and Works and the Debt Management Office for working together on the transaction, adding that the Federal Government would continue to explore creative financing to fund critical projects across the country.
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“This transaction means the Lagos-Calabar Coastal Highway will continue unimpeded,” Tinubu declared. “Our administration will keep exploring creative funding to deliver critical economic and infrastructure projects nationwide.”
Finance Minister Coordinating Minister of the Economy, Wale Edun, described the December 19 signing as a “defining moment in Nigeria’s infrastructure journey.” He highlighted the deal’s scale -fully underwritten by First Abu Dhabi Bank ($262 million) and Afreximbank ($500 million), with risk cover from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) in its first Nigerian outing post-reforms.
“The fund will be deployed responsibly to hit timelines, establishing this highway as a flagship of President Tinubu’s Renewed Hope Agenda,” Edun added, praising Hitech Construction Company Limited for its “engineering excellence and blistering execution speed” on site.
