President Bola Tinubu has praised the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing it as a significant boost to Nigeria’s infrastructure development drive.
The President’s commendation was contained in a statement issued on Friday by his spokesman, Bayo Onanuga, who said Tinubu was impressed by the collaboration between the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office in securing the funding.
According to Onanuga, the financing milestone will ensure uninterrupted progress on the project and underscores its transformative potential for national development.
“The Lagos–Calabar Coastal Highway is one of President Bola Tinubu’s best gifts to Nigeria. Those who have condemned this historic project will be ashamed of themselves when the Tinubu administration completes the road,” Onanuga said.
President Tinubu said the deal reflects his administration’s commitment to innovative financing strategies for critical national infrastructure, noting that the highway remains a central pillar of the government’s economic agenda.
“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” the President said.
“Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country.”
Phase 1, Section 2 of the project spans approximately 55.7 kilometres, linking Eleko in the Lekki axis to Ode-Omi, key economic corridors expected to improve trade efficiency and logistics connectivity.
The latest financing follows an earlier $747 million secured for Phase 1, Section 1, reinforcing the project’s scalability and appeal to international financiers.
The $1.26 billion facility was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
The deal represents ICIEC’s largest transaction since Nigeria’s recent institutional and regulatory reforms, reflecting growing investor confidence in the country’s evolving investment climate.
