President Bola Ahmed Tinubu has announced the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, signaling increased investor confidence in Nigeria’s infrastructure sector and the country’s reform-driven investment climate.
In a statement released by his Special Adviser on Information and Strategy, Bayo Onanuga, Tinubu praised the Federal Ministries of Finance and Works, along with the Debt Management Office, for their collaborative efforts in securing the deal. He reaffirmed his administration’s commitment to exploring innovative financing solutions for critical national projects.
“This is a major achievement. Closing this transaction ensures that work on the Lagos–Calabar Coastal Highway will continue without interruption. Our administration will keep exploring viable funding opportunities to execute strategic economic and infrastructure projects across the country,” Tinubu said.
Phase 1, Section 2 of the highway covers approximately 55.7 kilometres, connecting Eleko in Lekki to Ode-Omi. This stretch is expected to enhance trade efficiency and improve logistics connectivity along key economic corridors.
This deal follows an earlier $747 million financing secured for Phase 1, Section 1, demonstrating the project’s scalability and bankability. The financing facility was fully underwritten by First Abu Dhabi Bank (FAB), with risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
This marks ICIEC’s first Nigerian transaction since recent institutional and regulatory reforms, reflecting renewed international confidence in Nigeria’s ability to deliver large-scale infrastructure projects.
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