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Nigeria secures $747m for first phase of coastal highway
10 July 2025
Cityscape of Calabar, Nigeria, with a view of Obudu Mountain (Image: Pure SP via AdobeStock - stock.adobe.com)
Nigeria’s government has secured a loan of US$747 million to finance the construction of a coastal highway running from Lagos to the port city of Calabar.
The Mohammed Manga, the director of information and public relations at the Federal Ministry of Finance announced the news earlier this week.
The first phase of the highway financed by the loan stretches for 47.5km (29.5 miles) and is already around 70% complete. It is being built by Nigerian contractor Hitech Construction Company.
The entire highway, built using continuously reinforced concrete pavement (CRCP) is expected to run for 700km (435 miles) and is due for completion in around four years.
Deutsche Bank is coordinating the syndicated loan, which also involves First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
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