The Federal Government has secured a $747 million loan to finance Phase 1, Section 1 of the Lagos-Calabar Highway. The Ministry of Finance announced that Deutsche Bank arranged the facility, marking the first syndicated road infrastructure loan of its size in Nigeria.
This phase of the highway runs from Victoria Island to Eleko Village. The loan is seen as a strong signal of global investor confidence in Nigeria’s reform trajectory and infrastructure development.
Deutsche Bank acted as the Global Coordinator and Lead Arranger, with support from various regional and international lenders, including the Islamic Corporation for the Insurance of Investment and Export Credit. The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company.
The construction of this section is reportedly over 70% complete and utilizes Continuously Reinforced Concrete Pavement (CRCP) for durability and efficiency. The project aims to align technical execution with financing solutions, ensuring fast-track delivery while maximizing private sector investment.
Finance Minister Wale Edun stated that this deal reflects the success of macroeconomic reforms and showcases Nigeria’s commitment to sustainable infrastructure financing. He emphasized that the transaction positions the country for a full transition to public-private partnerships in infrastructure development.
