FG Secures $747m Loan for Lagos-Calabar Highway Construction

The Federal Government of Nigeria has secured a $747 million syndicated loan to finance Phase 1, Section 1 of the Lagos-Calabar Coastal Highway project. This significant investment is expected to enhance Nigeria’s infrastructure, boost trade, create jobs, and drive regional integration .The loan will finance the construction of a 47.47-kilometer stretch from Victoria Island to Eleko Village.
Hitech Construction Company, one of Nigeria’s leading infrastructure firms, has been awarded the EPC+F (Engineering, Procurement, Construction + Financing) contract.
The construction of Phase 1, Section 1 is already over 70% complete.

Financing and Partnerships
Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner for the deal.
The syndicate includes support from development finance institutions, export credit agencies, and international commercial banks, such as:
Acting as Agent across all facilities and Intercreditor Agent
African Export-Import Bank (Afrexim)
Abu Dhabi Exports Office (ADEX)
ECOWAS Bank for Investment and Development (EBID)
– Nexent Bank N.V. (formerly Credit Europe Bank N.V.)
Zenith Bank (through its UK, Paris, and Nigeria offices)
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.

The loan is seen as a strong signal of global investor confidence in Nigeria’s reform trajectory and infrastructure pipeline.
The project is a flagship under the Renewed Hope Infrastructure Development Agenda of the Tinubu administration, aimed at boosting regional trade, logistics, and tourism .
The financing structure aims to unlock and maximize private sector appetite for investment in Nigeria’s priority infrastructure .