FG Secures $1.26bn Financing for Phase One of Lagos–Calabar Coastal Highway

The Federal Government has secured $1.26 billion in financing for the execution of the second section of the first phase of the Lagos–Calabar Coastal Highway project.

This was disclosed in a statement issued on Friday by the Presidency, which said the funding arrangement marks a major milestone in the implementation of the ambitious infrastructure project.

According to the statement, President Bola Ahmed Tinubu commended the Ministry of Finance, Ministry of Works, and the Debt Management Office (DMO) for their collaboration in successfully concluding the financing deal.

The President noted that the development reflects the Federal Government’s commitment to accelerating key infrastructure projects across the country through innovative funding mechanisms.

This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” Tinubu was quoted as saying.

He added that the government would continue to explore sustainable and innovative financing options to fund critical national projects that would drive economic growth, improve connectivity, and create jobs.

The Lagos–Calabar Coastal Highway is one of the flagship projects of the Tinubu administration and is expected to enhance trade, boost tourism, and improve transportation along Nigeria’s coastal corridor when completed.

The project, which spans several coastal states, is designed to significantly reduce travel time and stimulate economic activities across the southern region of the country.