Nigeria has secured 1.2 billion dollars from the UAE to fund the Lagos–Calabar Coastal Highway.
Consequently, the government will use this funding to complete a 56-kilometre section of the 700-kilometre highway along the Atlantic coast.
As a result, the highway will connect major economic hubs, reduce travel times, and boost trade and tourism.
UAE Secured Lagos-Calabar Highway Funding
President Bola Tinubu called the deal a major achievement and emphasised that it ensures uninterrupted progress on construction.
He also stated that the government will continue exploring creative financing for large-scale infrastructure projects.
In July, Nigeria secured 747 million dollars for another section of the highway.
This demonstrates the government’s phased approach and its commitment to completing one of its flagship projects.
International Partnership
Deutsche Bank led the deal as Global Coordinator and Lead Arranger, supported by a consortium of other lenders.
Read Also: Lagos To Shame Hotels Ignoring Pre-Detty December Bookings
Among them, First Abu Dhabi Bank, Afreximbank, EBID, Nexent Bank N.V., and Zenith Bank played key roles.
First Abu Dhabi Bank fully underwrote the loan, while the Islamic Corporation provided risk coverage.
Together, these measures strengthened confidence in the project.
Highway Progress And Impact
Hitech Construction confirmed that its team has already completed over 70% of the section.
Moreover, Managing Director Dany Abboud explained that CRCP technology ensures long-lasting roads and reduces maintenance costs.
Consequently, the highway will boost logistics, regional trade, and economic integration across southern states.
The UAE-backed loan gives the project financial certainty and shows growing international confidence in Nigeria’s infrastructure programme.
Once complete, the highway will cut travel time, enhance connectivity, and stimulate coastal economic activity.
Ultimately, the Lagos–Calabar Coastal Highway represents a transformative project central to President Tinubu’s development agenda and Nigeria’s growth plans.
