USG Newsroom
Date: July 10, 2025
USG Avenue Newsroom
Nigeria Signs $747M Coastal Highway Loan, Work Already 70% Complete
In a bold move to reshape Nigeria’s infrastructure and stimulate economic growth, the Federal Government has secured a $747 million syndicated loan led by Deutsche Bank for the Lagos–Calabar Coastal Highway.
The announcement was made on July 10, 2025, marking a historic milestone in Nigeria’s pursuit of modern, long-distance transport networks.
About the Project
The Lagos–Calabar Coastal Highway is a 700-kilometer superhighway designed to connect Nigeria’s southwest and southeast regions through 9 states along the Atlantic coast.
Key Details:
Project Length: 700 km
Phase 1: 47.5 km (Victoria Island to Eleko)
Financiers: Deutsche Bank, Afreximbank, First Abu Dhabi Bank, ECOWAS Bank, Zenith Bank
Construction Company: HiTech Construction Company
Completion Timeline: 8 years
Progress: Phase 1 is already 70% complete
This project is part of President Bola Ahmed Tinubu’s “Renewed Hope” infrastructure drive.
Government Speaks
Minister of Works, Dave Umahi, confirmed that the first phase will be completed by May 2025. He emphasized the project’s importance:
Environmental and Community Concern
While the loan deal has generated optimism, it has also stirred concerns. Environmentalists have raised alarms about the destruction of mangrove forests and coastal ecosystems. Communities along the route, particularly in Okun-Ajah, Lagos, have protested demolitions and demanded better compensation.
Civil society groups are urging transparency and full public access to project documents and impact assessments
Nigeria signs $747M loan for 700km coastal superhighway
Project will connect Lagos to Calabar through 9 states
Construction already underway, Phase 1 nearly complete
Environmental and community displacement issues spark concern
Transparency and compensation being demanded
Final Word
The Lagos–Calabar Coastal Highway is no longer a proposal, it’s under construction, and now backed by one of Nigeria’s largest-ever syndicated loans. Whether this project becomes a triumph or a controversy depends on delivery, transparency, and inclusion.
USG Newsroom will continue to monitor this story and bring you updates as they unfold.
