WorldStage Newsonline– The Federal Government of Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance construction of the first phase of its planned 700-km Lagos – Calabar coastal highway project.
The finance ministry’s spokesperson, Mohammad Manga said on Thursday that the loan is the first of its size for road infrastructure in Nigeria.
Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
Manga said said the initial section of the highway financed by the loan spans 47.47 km.
The entire project is expected to cost around $11 billion and be completed in about eight years. The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar.
The statement said the deal represents the largest syndicated road infrastructure loan in Nigeria’s history.
“This milestone signals growing global investor confidence in Nigeria’s reform agenda and infrastructure development pipeline,” the ministry said.
Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, joining other regional and international financiers in the syndicate. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance. Other key lenders include First Abu Dhabi Bank (serving as Agent and Intercreditor Agent), African Export-Import Bank (Afrexim), Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank, via its UK, Paris, and Nigerian branches.
The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm. This arrangement integrates technical execution with funding, enabling swift project delivery and encouraging private-sector investment.
Construction work on this section of the highway is already over 70% complete. The road is being built using Continuously Reinforced Concrete Pavement (CRCP), a durable technology designed for a minimum lifespan of 50 years with minimal maintenance.
The ministry emphasized that the highway’s design adheres to top global standards, shaped by extensive technical, legal, environmental, and social assessments.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, said the deal reflects renewed international confidence in Nigeria’s economy under President Bola Tinubu’s administration.
“This transaction showcases our commitment to sustainable, transparent, and catalytic infrastructure financing,” Edun said.
“It highlights Nigeria’s readiness to embrace Public-Private Partnerships in delivering critical infrastructure and reinforces our commitment to honoring contracts and driving inclusive economic growth.”
