In a landmark move for Nigeria’s infrastructure drive, Deutsche Bank has led a $747 million syndicated loan to fund Phase 1 Section 1 of the Lagos-Calabar Coastal Highway—stretching from Victoria Island to Eleko Village (47.47 km). The project, part of the Federal Government’s infrastructure acceleration agenda, marks Nigeria’s largest syndicated road infrastructure loan and is seen as a major boost to investor confidence in the country’s reform momentum.....KINDLY READ THE FULL STORY HERE▶

According to NIVONEWS, the financing was coordinated by Deutsche Bank, which also served as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner. The syndicate comprises a mix of international and regional lenders, including First Abu Dhabi Bank (acting as Facility and Intercreditor Agent), Afrexim Bank, Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank, through its offices in the UK, Paris, and Nigeria. Political and commercial risk mitigation was provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).

The Engineering, Procurement, Construction and Financing (EPC+F) contract was awarded to Hitech Construction Company, one of Nigeria’s foremost engineering firms. This model integrates financial structuring with project execution to enable faster delivery while attracting substantial private sector capital. Construction progress on Phase 1 is already above 70%, signaling a strong momentum toward early completion.

The highway is being built using Continuously Reinforced Concrete Pavement (CRCP)—a cutting-edge technology designed for durability of at least 50 years with minimal maintenance. This positions the road as one of the most resilient transport corridors in Africa, meeting high environmental, technical, and legal standards.

According to NIVONEWS, the Lagos-Calabar Coastal Highway is expected to be a game-changer in West African logistics and regional trade, reducing transportation costs, enhancing tourism, and generating employment opportunities. A tolling strategy is currently in development to ensure the project’s financial self-sufficiency. The Federal Government is already in talks with more global investors for funding subsequent phases of the highway.

Speaking on the significance of the deal, Wale Edun, Nigeria’s Minister of Finance and Coordinating Minister of the Economy, said the transaction was a testament to President Tinubu’s economic reform agenda and commitment to attracting private sector capital through transparent, sustainable, and scalable infrastructure finance models. “This financing exemplifies Nigeria’s readiness to embrace public-private partnerships to drive national development,” he noted.

According to NIVONEWS, Minister of Works David Umahi hailed the deal as a major endorsement of Nigeria’s economic trajectory. “The Lagos-Calabar Highway is a strategic national asset. This financing paves the way for future PPP-driven infrastructure across the country.”

Dany Abboud, Managing Director of Hitech Construction, affirmed that “with over 70% of this phase complete, we’re proving that Nigerian-led projects can meet global standards—especially when backed by structured international finance and advanced CRCP technology.”

Dr. Khalid Khalafalla, CEO of ICIEC, echoed this optimism, stating that the organisation’s risk coverage was instrumental in unlocking the financing. “This highway will not only ease congestion and promote regional integration but also create thousands of jobs and empower small and medium enterprises across West Africa.”

This project, seen as a flagship of the Renewed Hope Agenda, reinforces Nigeria’s capacity to execute transformative, bankable infrastructure that attracts global capital and drives inclusive economic growth.

”NIVONEWS REPORTS”