The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the construction of the Lagos-Calabar Coastal Highway, a flagship infrastructure project designed to improve connectivity across Nigeria’s southern corridor.
The funds will go toward the development of a 47.7-kilometre segment designated as Section 1, Phase 1, which begins at Ahmadu Bello Way in Lagos. Construction of this segment began in March 2024 and is being executed by Hitech Construction Company Limited.
The approval forms part of a broader financing round by EBID, which includes a total of €174 million and $125 million allocated for infrastructure and social development projects across several West African countries.
The Lagos-Calabar project is expected to significantly boost economic activity by linking nine coastal states, improving access to key seaports, and connecting remote agro-industrial zones. It also aims to strengthen the regional value chain and stimulate development in underserved coastal communities.
The highway forms a major component of Nigeria’s broader infrastructure upgrade strategy, with sections also awarded in Akwa Ibom and Cross River States. These contracts have a cumulative value exceeding N3 trillion, with multiple sections already under various stages of development. Section I alone was procured at N1.068 trillion, with 30 percent of the funding already disbursed.
In addition to the road infrastructure, the broader round of EBID funding supports projects in Togo, Guinea, and Côte d’Ivoire, including vocational education centres, renewable energy installations, and cement supply chain enhancements.
EBID stated that the investments align with key global development goals, particularly those focused on industry, innovation, infrastructure, clean energy, and quality education. With this latest round of funding, the bank’s total commitment across the ECOWAS region has now exceeded $5 billion.
The Lagos-Calabar highway project is scheduled for completion by 2028 and is considered a strategic milestone in Nigeria’s efforts to modernize its transport network, stimulate commerce, and attract further investment into the West African subregion.
