President Bola Tinubu has lauded the Federal Ministry of Finance for securing USD 1.26 billion to fund Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a milestone in one of Africa’s most ambitious infrastructure projects.
The announcement was made in a statement by the President’s Special Adviser on Information and Strategy, Bayo Onanuga, on Friday.
The funding, fully underwritten by First Abu Dhabi Bank with support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), will cover the 55.7-kilometre stretch connecting Eleko in Lekki to Ode-Omi. This phase follows the earlier USD 747 million financing for Phase 1, Section 1, underscoring investor confidence in Nigeria’s reformed investment climate. SkyKapital served as lead financial advisor, while Earth Active (UK) provided environmental and social advisory in line with international ESG standards.
Okay News gathered that Minister of Finance, Wale Edun, described the financing as a “defining moment in Nigeria’s infrastructure journey,” emphasizing that the funds will be deployed responsibly to meet project timelines.
Construction is being handled by Hitech Construction Company Limited, praised for speed and engineering excellence. The project is expected to significantly enhance trade efficiency and logistics connectivity along Nigeria’s coastal corridor.
