President Bola Tinubu has commended the successful closure of a $1.26bn financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, describing the achievement as a major boost to Nigeria’s infrastructure drive.
Presidential spokesman, Bayo Onanuga, in a statement on Friday said the President was impressed that the Federal Ministry of Finance, the Ministry of Works, and the Debt Management Office jointly collaborated in securing the funding.
Noting that the milestone would ensure uninterrupted progress on the project, Onanuga highlighted the transformative potential of the road.
“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.
Tinubu said that the financing milestone demonstrated his administration’s commitment to exploring innovative funding options for critical national projects and emphasised that the highway remains central to the government’s economic and infrastructure agenda. Phase 1, Section 2 of the project spans approximately 55.7 kilometres, linking Eleko in Lekki to Ode-Omi.
“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded.
“Our administration will continue to explore available funding opportunities to execute critical economic and priority infrastructural projects across the country,” the President said.
The Phase 1, Section 2 of the highway covers about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, key economic corridors expected to enhance national trade efficiency and logistics connectivity.
The financing follows an earlier $747 million secured for Phase 1, Section 1, reinforcing the project’s scalability and attractiveness to international financiers.
The financing was fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
It marks ICIEC’s largest transaction since Nigeria’s institutional and regulatory reforms, reflecting growing investor confidence in the country’s reformed investment climate.