The Federal Government has secured a $747 million syndicated loan to fund Phase 1, Section 1 of the Lagos-Calabar Coastal Highway, stretching from Victoria Island to Eleko Village.
The Ministry of Finance, in a statement on Tuesday, said Deutsche Bank arranged the facility, marking Nigeria’s largest syndicated road infrastructure loan. “It’s a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline,” said Mr. Mohammed Manga, Director of Information.
Deutsche Bank acted as Global Coordinator and Bookrunner, with lenders including First Abu Dhabi Bank, Afreximbank, ADEX, EBID, Nexent Bank, and Zenith Bank. Risk insurance was provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Hitech Construction Company is handling the project under an EPC+F contract, already over 70% complete. The road is built with CRCP, designed for a 50-year lifespan.
“This deal reflects the success of our macroeconomic reforms,” said Finance Minister Wale Edun. “It shows Nigeria’s readiness for Public Private Partnerships in critical infrastructure.”