Tinubu Hails $1.26bn Financing Milestone for Lagos–Calabar Coastal Highway as Global Lenders Back 55km Lekki-Ode-Omi Section

President Bola Tinubu has described the successful securing of a $1.26 billion financing package for the Lagos–Calabar Coastal Highway as a “major achievement” that guarantees the project will proceed without interruption.

In a statement released on Friday, December 26, 2025, the President commended the collaborative efforts of the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office (DMO). The funding is earmarked for Phase 1, Section 2, a 55.7-kilometre stretch that will connect the bustling industrial zone of Eleko in Lekki to Ode-Omi.

“This is a major milestone in the delivery of one of Africa’s most ambitious and transformative infrastructure projects,” the President stated. “Closing this transaction means the Lagos-Calabar Coastal Highway will continue unimpeded. Our administration will continue to explore innovative and sustainable financing models to execute critical projects nationwide.”

The transaction is historic for Nigerian road infrastructure, marking the first time a project of this magnitude has been truly “underwritten” by international financiers. First Abu Dhabi Bank and Afreximbank led the underwriting, while the ICIEC provided its largest-ever transaction support in Nigeria, a move analysts say reflects surging investor confidence following recent economic and regulatory reforms.

Finance Minister and Coordinating Minister of the Economy, Wale Edun, emphasized that the funds would be deployed with strict fiscal discipline. “The signing on December 19, 2025, marks a defining moment in our infrastructure journey. This firmly establishes the Coastal Highway as the flagship project of the Renewed Hope Agenda,” Edun noted.

The 700-kilometre highway, which was revived by the Tinubu administration in February 2024, is designed to link Lagos to Calabar while passing through eight coastal states. With Section 1 already open to temporary traffic as of mid-December, this new influx of capital ensures that the “Blue Economy” corridor remains on track for its aggressive eight-year completion timeline.

Construction firm Hitech has already earned praise from the lenders for its “operational discipline” and the speed at which it has delivered the initial sections. As the 2025 festive season winds down, the federal government maintains that the highway will serve as a catalyst for trade, tourism, and regional integration across Nigeria’s southern coast.