President Tinubu applauded the Ministries of Finance and Works and the Debt Management Office for working together on the transaction, adding that the federal government would continue to explore creative financing to fund critical projects across the country.

“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 infrastructural projects across the country,” the president said.

Phase 1, Section 2 covers approximately 55.7 kilometres, connecting Eleko in Lekki to Ode-Omi, key economic corridors and significantly enhancing national trade efficiency and logistics connectivity.

The successful financing follows the earlier closing of the USD 747 million financing for Phase 1, Section 1, and demonstrates the scalability and bankability of the Lagos–Calabar Coastal Highway project.

The financing was fully underwritten by First Abu Dhabi Bank, FAB, with risk mitigation support provided by the Islamic Corporation for the Insurance of Investment and Export Credit, ICIEC, marking ICIEC’s first Nigerian transaction since the country’s institutional and regulatory reforms.

The structure reflects growing confidence in Nigeria’s reformed investment climate and its capacity to deliver infrastructure.

SkyKapital acted as Lead Financial Advisor, coordinating structuring, lender engagement, and execution.

Environmental and Social advisory services were provided by Earth Active (UK), ensuring complete alignment with the IFC Performance Standards, the Equator Principles, and international ESG best practices.

Hogan Lovells, as International Counsel, and Templars, as Nigerian Legal Counsel, led the legal advisory services.

Describing the transaction as a “defining moment in Nigeria’s infrastructure journey”, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the fund would be deployed responsibly and judiciously to deliver on the project within timelines.

“The signing on December 19, 2025, of USD1.26 billion financing for Phase one — section two of the Lagos-Calabar Coastal road marks a defining moment in Nigeria’s infrastructure journey, following the successful closing of the USD 747 million financing for Phase one section one on July 9, 2025. Collectively, these landmark transactions firmly establish the Lagos-Calabar Coastal Highway as one of the defining flagship projects of President Bola Ahmed Tinubu’s Renewed Hope agenda, embodying the administration’s commitment to bold, transformational infrastructure.

“This financing is particularly notable as it represents, for the first time, a truly underwritten transaction of this magnitude for a Nigerian road infrastructure project. The facility was fully underwritten by First Abu Dhabi Bank (USD 262 million) and Afreximbank (USD 500), with partial coverage provided by ICIEC, making it the largest ICIEC-supported transaction since the institution’s creation,” Edun said.

Construction is being executed by Hitech Construction Company Limited, whose rapid progress on site and early opening of key road sections have drawn commendation from lenders for engineering excellence, operational discipline, and execution speed.

In line with the federal government’s commitment to transparency and fiscal discipline, a comprehensive Value-for-Money (VfM) assessment was conducted by SkyKapital in close coordination with the Federal Ministry of Works and independently reviewed and confirmed by GIBB.

The successful close of Phase 1, Section 2, represents a clear step-change in market confidence.

It demonstrates Nigeria’s ability to move decisively from vision to execution and from reform to delivery under the Renewed Hope Agenda of President Bola Tinubu.

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The Minister of Works, Sen. Dave Umahi, inaugurated the section on behalf of President Bola Tinubu, in Lagos.

The 750km Lagos-Calabar Coastal Highway started from Ahmadu Bello Way, Victoria Island in Lagos State and will end in Cross River.

It will pass through several states, including Ogun, Ondo, Delta and Bayelsa.

Umahi said at the inauguration that the opening was realisation of a dream of 27 years.

He noted that President Bola Tinubu opened a portion of the section on May 26, describing it as a major step forward in the implementation of a nationally strategic project.

The minister said that the highway had a reinforced concrete pavement and  closed circuit television cameras, among other features.

He noted that the highway would connect the western and southeastern regions of Nigeria to improve cross-country connectivity and trade relations.

He reiterated that it would create millions of jobs, cut travel time, and drive economic growth.

He said that the Tinubu administration had embarked on some legacy projects in different parts of the country for the advancement of Nigeria.

Earlier, Lagos State governor, Babajide Sanwo-Olu, praised Tinubu for efforts on infrastructure development.

The governor was represented by the state Commissioner for Transportation, Mr Oluwaseun Osiyemi.

He emphasised that the Lagos-Calabar Coastal Highway would reduce travel time on the corridor and improve economic prosperity of the citizens.

“It is also intended to connect rural areas to urban markets and key economic zones such as the Lekki Free Trade Zone.

“With improved connectivity and reduced travel time, businesses will be able to operate more efficiently, and people will have more time to focus on their work.

“This will lead to increased productivity and economic growth,” Sanwo-Olu said.

He described the highway project as one of the most ambitious and audacious infrastructure projects since Nigeria’s independence.

He thanked the minister for delivering the section and temporary opening it for use, as he promised, to reduce pains associated with gridlock.

The Oniru (Traditional Ruler) of Iruland, Oba Abdulwasiu Omogbolahan Lawal, expressed gratitude to the federal government for the opening.

He said the project represented a significant milestone in national development and was a testament to Tinubu’s good leadership.

The royal father said the highway would enhance mobility and positively impact tourism, agriculture and other sectors.

He noted that the temporary opening would ease movement and reduce congestion for millions of road users during the festive season.

“This is a welcome relief for commuters who have had to deal with pressure on other major roads.

“With this opening, the promise of a more convenient festive season is assured,” he said.

He noted that Mr Dany Abboud, the Managing Director of Hitech Construction Company, the contractor handling the project,  said that the entire 106km stretch of Sections One and Two of the coastal highway would be completed by Dec. 2026.

The traditional ruler whose Iru Kingdom hosts the take-off point of the  highway project, pledged continued cooperation with the federal government to ensure successful completion.

He commended Umahi, the Federal Controller of Works in Lagos and the project team for dedication, assuring them of the support of traditional institutions on the corridor.

Source: NAN

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At the ceremony in Lagos on Saturday, President Tinubu directed the Minister of Works, David Umahi, and other ministers overseeing projects across the country to ensure full compliance with the laws on local content, training of Nigerians and technology transfer.

He emphasised that the government would no longer compensate developers who failed to observe legal building setbacks and approvals, stressing the need for urban planning and the rule of law.

“Let me warn all the developers that the Federal Government will enforce setbacks. If not for anything but for the interest of the nation. Developers who fail to get approvals will not be compensated. We have gazetted and published the setback, and we will enforce it in any way possible,” he said.

The president acknowledged Engr. Ronald Chagoury’s role in halting the advance of the Atlantic Ocean and salvaging Victoria Island and Ikoyi, urging more support for the future in “doing the impossible” in building Nigeria’s infrastructure.

“I said that we would do it, and we did. We averted a disaster greater than a tsunami in Victoria Island and Ikoyi,” he added.

The president appealed to Nigerians to be more patient with the government.

“I want to appeal to all Nigerians that hope is here. Our economy is recovering,” he said, highlighting the stability of the foreign exchange and the reduction in food prices.

President Tinubu thanked the minister of works, contractors, and Nigerians, particularly those in Lagos, for supporting the projects and urged them to protect and maintain them for posterity.

“It is with great pleasure, pride and a sense of fulfilment that I stand here today to commission the completed part of the Lagos – Calabar Coastal Highway Corridor.

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“This is Phase I: Section I: Ahmadu Bello Way to Eleko Village Area in the Lekki Peninsula, a section of the 700km iconic project spanning the coastal areas of Ogun, Ondo, Delta, Edo, Bayelsa, Rivers, Akwa-Ibom and Cross River States.

“Let me appreciate the Honourable Minister of Works, Sen. Engr. (Dr) Nweze David Umahi, the Honourable Minister of State Works, Rt. Hon. Bello Muhammad Goronyo, the Permanent Secretary, Engr. Funso Adebiyi and all staff of the Federal Ministry of Works that made today’s commissioning possible. I thank you all for your commitment to this project.

“I congratulate Messrs. Hitech Construction Company Limited for taking this job and showing that Nigerian firms can perform to world standards and achieve excellence in infrastructure development. It is most pleasing to note that the highway was constructed using Continuously Reinforced Concrete Pavement instead of Flexible Pavement, thereby assuring durability,” the president stated.

The projects inaugurated by the president in the South-South region are the rehabilitation of Calabar-Ugep-Katsina-Ala Road Section II (Ugep-Katsina-Ala) in Benue/Cross River States, dualisation of East-West Road Section II (Sub Section I) Eleme Junction in Port Harcourt – Ahoada in Rivers State; rehabilitation of Alesi-Ugep(Iyamoyung-Ugep) Section in Cross River State. Upgrading of 15km Section of the East-West Road Port Harcourt (Eleme Junction)-Onne Port Junction in Rivers State.

President Tinubu commissioned the rehabilitated Enugu-Port Harcourt Road Section III, Enugu-Lokpanta, in the South East Zone, a new bridge at Akpoha in Ebonyi State to replace the near-collapsed bridge; reconstruction of the collapsed Enugu Bridge at New Artisan Market Enugu-Port Harcourt Road in Enugu State.

Other commissioned projects in the South West Zone are: Rehabilitation, Construction & Expansion of Lagos-Shagamu-Ibadan Dual Carriageway Section II in Oyo State; rehabilitation of Ikorodu-Shagamu Road in Lagos State; emergency comprehensive repair of the Eko Bridge (4.1km) in Lagos State (from Alaka, Surulere-Apongbon including all Ramps); the construction of Deep-Sea Port Access Road in Lagos State through Epe to Shagamu – Benin Expressway in Lagos and Ogun States.

In the North Central Zone, President Tinubu commissioned the construction of the Shendam Bridge in Plateau State and the Ilobu-Enrile road in Kwara and Osun states.

In the North East Zone, he commissioned the Jimeta Bridge in Yola, Adamawa State.

In the North West Zone, he commissioned the reconstructed Yakasai Badume-Damargu-Marken Zalli Roads in Kano State and the reconstruction of Kano-Kwanar Danja Hadeja Section II: Kano-Tsalle in Kano and Jigawa State.

President Tinubu flagged off the following new projects: Ibadan-Ife-Ilesha-Akure-Benin Road in Oyo, Osun, Ondo, and Edo States; construction of Nembe-Brass Road; construction of a section of Enugu-Onitsha Carriageway (total length of 107km); and rehabilitation of Zaria-Hunkuyi-Kufur-Gidan Mutum Daya Road in Kaduna/Kano states.

Also, the president flagged off the dualisation of Kano-Maiduguri Road, linking Kano-Jigawa-Bauchi-Yobe and Borno States (Section I: Kano-Wudil-Shuarin), which has a Total length of 105km; the construction of Kano Northern Bypass Road in Kano State; and the construction of Maiduguri Bypass Road.

Sen. Godswill Akapbio, the President of the Senate, assured the president of more support from the National Assembly to reposition the country’s economy.

The Minister of Works noted that the Federal Government spent N18 billion compensating all those affected by the construction of the Lagos-Calabar Coastal Highway.

Umahi said the president directed that all projects must consider the well-being of Nigerians and issues of sustainability.

Governors of Lagos, Delta, Ogun, Edo, Bayelsa, Borno, Ekiti, Kogi, Ondo, Cross River, and Imo attended the event.

Nobel Laureate Prof. Wole Soyinka, National Security Adviser Nuhu Ribadu, the Chagoury brothers, and contractors witnessed the event.

Industry captains, including Aliko Dangote, Abdulsamad Rabiu, and UBA Group Chairman Tony Elumelu, attended the inauguration.

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The Minister of Works, Sen. David Umahi, made this known in a statement on Friday in Lagos.

The project is a flagship of the Tinubu administration under its Renewed Hope Agenda.

The completed portion is a 30km stretch.

The inauguration will take place at Kilometer Eight of the highway.

The completed portion marks a significant milestone in the first phase of the 750km coastal highway designed to enhance connectivity along Nigeria’s southern corridor.

Umahi said in the statement that the president described the inauguration as a fulfilment of a long-held vision he conceived more than two decades ago.

“This project is not just a road; it is a symbol of national integration, economic vitality, and social cohesion.

“For Mr President, this is a dream nurtured for 27 years becoming a legacy of transformation,” Umahi said.

He said that beyond easing transport and boosting commerce in coastal communities across nine states, the highway would stand as a hallmark of engineering excellence and aesthetics.

The minister said that the president would also be expected to virtually inaugurate some other completed signature infrastructure projects within Southern Nigeria.

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According to him, the projects include the dualised East-West Road Section II (Eleme Junction–Ahoada) in Rivers, which spanned 94km.

Umahi said that the reconstructed Lagos-Ibadan Expressway (Sagamu–Ibadan Section), covering 166.8km, would be among the projects to be inaugurated.

He added that the 67.1km Alesi–Ugep Road in Cross River would also be inaugurated by Tinubu.

Umahi also said that the 75m dual Enugu Bridge at New Artisan Market would be inaugurated as well as the constructed 65m New Akpoha Bridge in Ebonyi.

The president will also inaugurate the Lagos–Badagry Expressway Expansion (Agbara Junction to Nigeria/Benin Border) covering 48.6km, according to Umahi.

The minister said the president would flag off construction of new critical road projects such as the Ibadan–Ife–Ilesha–Akure–Benin Road spanning four states, the Nembe–Brass Road, and sections of the Enugu–Onitsha expressway totalling 107km.

Tinubu will also flag off Abakpa Flyover construction in Enugu State.

Umahi said that top government officials, including state governors – especially from the coastal states – National Assembly members, ministers, heads of parastatal-agencies and development partners would be expected  at the event.

He said that the Minister of State for Works, Mr Bello Goronyo, would join in welcoming dignitaries and stakeholders to the event, which he described as a celebration of a transformative chapter in Nigeria’s infrastructure story.

Umahi gave the assurance that all arrangements for the inauguration, including  security of guests, had been taken care of.

Source: NAN

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Barely a month after the Federal Executive Council approved the construction of the Lagos-Calabar Coastal superhighway, the contractor has moved to site to build what will be a monumental civil engineering project that Nigeria has ever seen.

Since the construction of the iconic Third Mainland Bridge that stretched over 11 kilometres across the lagoon, the Lagos-Calabar Coastal road will usher in a new era of ambitious road infrastructural development projects in Nigeria.

The Third Mainland Bridge, one of the longest bridges in the world, started during the administration of President Shehu Shagari in 1980. It was completed 10 years after, in 1990, by the military administration of President Ibrahim Babangida.

When completed, the 700km long coastal highway will also enter the world record books among iconic coastal routes like the Wild Atlantic Highway in Ireland and the Pacific Coastal Highway in the United States.

The first phase of the new 700km highway that will run through the nine coastal states is the 47.47km section beginning from Victoria Island. It has five lanes on each side of the dual carriage way and a train track in the middle.

The superhighway is being  built by Hitech Construction Company. Part of the funding will be sourced by Hitech, the contractors.

Starting from Ahmadu Bello Way, Victoria Island in Lagos, the Coastal road will pass through Lekki Deep Seaport, Ogun, Ondo, Delta, Bayelsa, Cross River and Akwa-Ibom States. At a recent press briefing, Minister of Works, Senator David Umahi, said the Coastal road would have two spurs that will link up with Northern Nigeria to further integrate the North and South in terms of movement of the people, goods and services.

Economic analysts have revealed that the completion of the first phase of the project alone could increase the size of Lagos State economy by 50% because of the connection to Lekki Deep Seaport and the Lekki economic corridor where Dangote Refinery and Petrochemical Complex is situated alongside other multinational industries.

One of the fascinating and interesting features of the coastal road is how it will compress the distance between Lagos and Ondo State. For instance, the distance from Ibeju-Lekki in Lagos to Araromi in Ondo State is about 50 kilometres along the coast. This distance translates to about an hour journey. From Araromi to Ore, a major connecting hub in Ondo State is about another 50 kilometres, whereas the existing route from Ibeju-Lekki to Ore currently in use by motorists is 150 kilometres.

Speaking on the game-changing effect of the coastal road and how it will transform the economy of Cross River State, the Commissioner of Information, Erasmus Ekpang, in a press statement, said the state government is overwhelmingly grateful to President Bola Tinubu for embarking on the project decades after the necessity for the coastal road had been mooted.

The highway, according to the Commissioner, “will serve as a catalyst to transform the economy of Cross River State for optimum impact. I want to applaud President Tinubu for the political will to translate this lofty dream into concrete reality.

“This coastal highway is going to be a game changer for the socio-economic status of Cross River. It is bound to add value to our rich agricultural produce while enhancing the profit base of local farmers. The benefits in the value chain is unimaginable.”

Mr. Ekpang further averred that the highway would boost the tourism economy of Cross River.

“When completed, the road will also boost tourism traffic to our unique tourism sites by attracting an unprecedented number of tourists, given the thrills and frills synonymous with road travel.”

Speaking in like manner, Chairman of the All Progressives Congress in Cross River, Alphonsus Eba, praised President Tinubu for fulfilling a key aspect of his campaign promises to the people of Cross River.

“President Tinubu has once again demonstrated that he is a man of his word by keeping to his promise. When Senator Ben Ayade voiced out this request during the presidential campaign in Calabar, he knew the economic importance of the road.

“Nothing is more gratifying at the moment than the cheering news of the commencement of the  highway. This is a huge boost to the current drive of Governor Bassey Otu to alter the socio-economic narrative of our state. The highway is bound to ensure our rapid transformation in all facets of economic development by driving traffic of investors and tourists,” the state party Chairman noted.

While many Nigerians are excited that the road project has finally taken off after many years, that the highway is starting now speaks to the capacity of President Tinubu to conceive bold ideas and take on huge and transformational projects. President Tinubu’s penchant for high impact projects preceded his presidency.

As Governor of Lagos State from 1999 to 2007, he superintended over the financial and infrastructural renewal of the state. Apart from the major road projects his administration in Lagos undertook and completed, he set up Lagos Metropolitan Area Transport Authority (LAMATA) to modernise public transportation systems in the state through intermodal public transport infrastructure. The Red and Blue Rail Metro lines that were recently commissioned formed part of the grand vision he laid down for the state. The Lekki Deep Seaport, Lekki Free Trade Zone, and Eko Atlantic City projects are landmark projects that will eternally bear the footprints of President Tinubu as governor of Lagos State for eight years. Also imminent for implementation is the 4th Mainland Bridge, conceived during the Tinubu era in Lagos.

Indeed, like his many impactful achievements in Lagos, the coastal highway will be one of the many critical transformative economic projects that will hallmark the Tinubu’s presidency.

*Ajayi is Senior Special Assistant to President Tinubu on Media & Publicity

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