President Bola Ahmed Tinubu has welcomed the successful closure of US$1.26 billion in financing for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a major milestone in Nigeria’s infrastructure development.
The financing covers about 55.7 kilometres of the highway, linking Eleko in Lekki to Ode-Omi, and follows the earlier US$747 million facility secured for Phase 1, Section 1, reinforcing confidence in the project’s bankability.
President Tinubu commended the Ministries of Finance and Works and the Debt Management Office for their collaboration, noting that the funding will ensure uninterrupted progress on the project.
The facility was fully underwritten by First Abu Dhabi Bank, with risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), marking ICIEC’s first Nigerian transaction since recent reforms.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the deal as a defining moment, noting that it represents the first fully underwritten financing of its scale for a Nigerian road project. He said the funds would be deployed responsibly and in line with the Renewed Hope Agenda.
Construction is being carried out by Hitech Construction Company Limited, while SkyKapital served as Lead Financial Adviser. Environmental, social, and legal advisory services were provided by international and local firms.
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