President Bola Ahmed Tinubu don say the successful closure of $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway show say investor confidence don dey rise steadily for Nigeria infrastructure sector and the country reform-driven investment climate.
According to the President, the deal na clear signal say international investors don begin trust Nigeria ability to execute and complete large infrastructure projects.
Tinubu commend the Federal Ministries of Finance and Works, alongside the Debt Management Office, for their joint effort to conclude the transaction. He stress say his administration remain committed to innovative financing options to fund critical national projects.
“This na major achievement. Closing this deal mean say work for the Lagos–Calabar Coastal Highway go continue without any stoppage. Our government go continue to explore smart funding opportunities to deliver key infrastructure and economic projects across Nigeria,” Tinubu talk in a statement by his Special Adviser on Information and Strategy, Bayo Onanuga, on Friday.
Strategic Highway to Boost Trade and Connectivity
Phase 1, Section 2 of the project cover about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, two major economic corridors expected to improve trade efficiency and logistics connectivity across coastal states.
The new $1.26bn deal come after the earlier $747 million financing secured for Phase 1, Section 1, further proving say the Lagos–Calabar Coastal Highway project get strong financial backing and scalability.
The facility get full underwriting from First Abu Dhabi Bank (FAB), with risk support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This na ICIEC first Nigerian transaction since recent reforms, showing renewed international confidence in Nigeria.
Global Backing for Nigeria Infrastructure Drive
Financial advisory for the deal come from SkyKapital, wey coordinate the structuring, lender engagement and execution.
Earth Active provide environmental and social advisory services to ensure compliance with IFC Performance Standards, Equator Principles and global ESG best practices.
Legal advisory na handled by Hogan Lovells as International Counsel and Templars as Nigerian Legal Counsel.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, describe the deal as a turning point for Nigeria infrastructure journey.
“The signing on December 19, 2025, of the $1.26 billion financing, after the successful $747 million deal for Phase 1, Section 1, don firmly position the Lagos–Calabar Coastal Highway as flagship project under President Tinubu Renewed Hope Agenda,” Edun say.
He add say the transaction na the first fully underwritten road infrastructure financing of this magnitude for Nigeria, with participation from Afreximbank and partial coverage from ICIEC, making am the largest ICIEC-backed dealsince the organisation begin.
Construction Progress Earn Praise
Construction work dey handled by Hitech Construction Company Limited, wey don receive praise from lenders for engineering quality, speed and operational discipline, especially as some key sections don open early.
In line with Federal Government transparency policy, Value-for-Money assessment was conducted by SkyKapital with the Ministry of Works and independently reviewed by GIBB.
The successful close of Phase 1, Section 2 don clearly show say Nigeria fit move from vision to execution, and from reform to delivery, under President Tinubu Renewed Hope Agenda.
