Abuja, Dec 26 – Nigeria has secured approximately $1.2 billion in funding from the United Arab Emirates to support construction of part of the Lagos–Calabar Coastal Highway, one of the country’s most ambitious infrastructure projects, the presidency said on Friday.
The loan will finance the construction of a 56-kilometre stretch of the planned highway, which is expected to span about 700 kilometres along Nigeria’s Atlantic coastline once completed. The project is designed to connect major economic hubs across the southern corridor and improve trade, logistics and regional integration.
President Bola Tinubu described the financing as a major milestone, saying it would ensure uninterrupted progress on the highway. He added that the government would continue to pursue innovative and diversified financing structures to deliver large-scale infrastructure projects.
The facility was fully underwritten by First Abu Dhabi Bank, with risk mitigation provided by the Islamic Corporation for the Insurance of Investment and Export Credit, according to the presidency.
Nigeria had earlier secured $747 million in financing in July for another section of the coastal highway, as authorities seek to phase construction while managing fiscal pressures and debt sustainability concerns.
The Lagos–Calabar Coastal Highway is expected to be one of Nigeria’s largest transport infrastructure investments, aimed at easing congestion, lowering transport costs and supporting long-term economic growth along the coast.
