This financing will cover Phase 1, Section 1 of the highway — a 47km stretch from Victoria Island to Eleko Village in Lagos — and marks Nigeria’s largest-ever syndicated loan for a road project, according to the Ministry of Finance.

The deal, coordinated by Deutsche Bank (serving as Global Coordinator, Lead Arranger, and Bookrunner), signals renewed investor confidence in Nigeria’s economy, following recent reforms aimed at creating a more transparent, bankable investment environment.

Speaking on the development, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated:

“This transaction is a symbol of what’s possible when transparency, sustainability, and innovation come together. It shows that our reforms are working  and that global capital is responding.

A powerhouse of global lenders backed the deal, including:

• First Abu Dhabi Bank (Agent and Inter Creditor Agent)

• African Export-Import Bank (Afrexim)

• Abu Dhabi Exports Office (ADEX)

• ECOWAS Bank for Investment and Development (EBID)

• Nexent Bank N.V.

• Zenith Bank (operating through Nigeria, UK, and Paris branches)

To cushion risk, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk cover, ensuring stability for all parties involved.

“With sovereign risk insurance, we’re unlocking infrastructure that empowers economies and people,” said ICIEC CEO Dr. Khalid Khalafalla.

Construction of the highway is being handled by Hitech Construction Company Limited, under an EPC+F contract — meaning the firm not only builds but also secures part of the financing.
According to Hitech MD, Dany Abboud, over 70% of the first section is already completed, utilizing Continuously Reinforced Concrete Pavement (CRCP)  a durable material expected to last over 50 years.

The road, designed to global standards, underwent stringent environmental, legal, and technical assessments.

Minister of Works, David Umahi, described the project as more than a road — calling it “a game-changer for trade, logistics, and economic growth,” adding:

“This deal reflects confidence in our reform journey and opens doors for more strategic partnerships.”

Upon completion, the Lagos-Calabar Coastal Highway will unlock access to ports, reduce logistics costs, promote tourism, and catalyze regional trade. A modern tolling system is also in development to keep the project sustainable and attractive to future investors.

The Ministry concluded,

“This historic transaction proves that with the right reforms, Nigeria can deliver globally attractive, investment-ready projects — faster, and more efficiently.”

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