By Chimezie Godfrey
President Bola Ahmed Tinubu has lauded the successful closure of a $1.126bn financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a landmark achievement for Nigeria’s infrastructure development.
The President, in a statement issued by his Special Adviser on Information and Strategy, Bayo Onanuga, praised the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office for concluding the transaction.
“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” Tinubu said.
The highway section spans 55.7km, connecting Eleko in Lekki to Ode-Omi, and is expected to improve trade efficiency and logistics across coastal economic corridors.
The financing comes months after the Federal Government secured $747m for Phase 1, Section 1, further strengthening the project’s credibility among international financiers.
Punch gathered that the facility was fully underwritten by First Abu Dhabi Bank and Afreximbank, with ICIEC providing partial risk mitigation, making it the largest ICIEC-supported deal since Nigeria’s institutional reforms.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the deal as a “defining moment” in the country’s infrastructure journey.
“The signing on December 19, 2025, of the $1.126bn financing for Phase One, Section Two firmly establishes the Lagos–Calabar Coastal Highway as one of the flagship projects of President Tinubu’s Renewed Hope Agenda,” Edun said.
Construction is being carried out by Hitech Construction Company Limited, with lenders commending the firm for its pace of work and engineering standards.
Tinubu Commends $1.126bn Deal on Lagos–Calabar Coastal Highway
