The Federal Government has secured a $747 million syndicated loan to finance Phase 1, Section 1 of the Lagos-Calabar Coastal Highway project. The strategic section spans from Victoria Island to Eleko Village and is already over 70% complete, according to the Ministry of Finance.

The facility, coordinated by global banking giant Deutsche Bank, marks Nigeria’s largest road infrastructure financing deal to date. The syndicated facility represents a milestone in the country’s efforts to attract international capital for development projects under the administration of President Bola Tinubu.

According to a statement by the Ministry’s Director of Information and Public Relations, Mohammed Manga, the loan showcases “global investor confidence in Nigeria’s reform trajectory and infrastructure pipeline,” highlighting the administration’s drive to fast-track national development through Public-Private Partnerships (PPPs).


The transaction involves a host of international and regional lenders, including:

Deutsche Bank – Global Coordinator and Bookrunner

First Abu Dhabi Bank – Agent and Intercreditor Agent

African Export-Import Bank (Afrexim)

Abu Dhabi Exports Office (ADEX)

ECOWAS Bank for Investment and Development (EBID)

Nexent Bank N.V.

Zenith Bank (UK, Paris, and Nigeria offices)


The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) also played a critical role by providing political and commercial risk insurance, further reinforcing investor confidence.

The project is structured as an EPC+F contract—Engineering, Procurement, Construction plus Financing—awarded to Hitech Construction Company, one of Nigeria’s top infrastructure firms. This model merges technical delivery with financing, enabling accelerated execution and risk sharing between the government and private sector.


The highway is being constructed using Continuously Reinforced Concrete Pavement (CRCP), a technique engineered for long-term resilience. The Ministry described it as “a commitment to a 50-year lifespan with minimal maintenance needs,” reinforcing its cost-effectiveness and durability.

Environmental, social, and legal assessments were integrated into the design and planning stages, ensuring compliance with international standards on sustainability and safety.


Minister of Finance and Coordinating Minister of the Economy, Wale Edun, emphasized the significance of the deal in repositioning Nigeria’s economy.

“This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development. It is a model of sustainable and transparent infrastructure financing,” he said.

Edun noted that the project serves as a case study for attracting private sector investment, aligning with Tinubu’s push for more PPP-driven development.


Beyond funding one of Nigeria’s most high-profile infrastructure projects, the success of the loan deal positions Nigeria as an attractive destination for future public-private infrastructure collaborations.

“This financing positions Nigeria for a full transition to PPP-led development and sends a clear message about the government’s commitment to contract sanctity, transparency, and innovative financing,” Edun added.

Experts believe the successful closing of this facility could pave the way for similar large-scale infrastructure loans for power, transport, and industrial development, potentially unlocking billions in foreign direct investment.

As the Lagos-Calabar Coastal Highway takes shape, it is expected to spur tourism, regional trade, and industrial growth, further strengthening Nigeria’s non-oil economy and boosting job creation