The Nigerian government has secured a $747 million syndicated loan to fund the construction of Phase 1, Section 1 of the Lagos-Calabar Coastal Highway.
The loan was arranged by Deutsche Bank, which served as the Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, and was participated in by a syndicate of regional and international financiers, including the African Export-Import Bank, Abu Dhabi Exports Office, and Zenith Bank.
The project is structured as an EPC+F contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms, and is expected to unlock private sector investment in the country’s priority infrastructure.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the deal as a testament to the success of Nigeria’s macroeconomic reforms and the return of international capital to support the country’s development.
He noted that the transaction is a model of the government’s vision for sustainable, transparent, and catalytic infrastructure financing.
The construction of Phase 1, Section 1, which covers the stretch from Victoria Island to Eleko Village in Lagos, is already over 70% complete, and the highway is being constructed using Continuously Reinforced Concrete Pavement, which is engineered for a minimum lifespan of 50 years with minimal maintenance.
