The Digest:
The Federal Government has secured a $1.26 billion financing deal for the second section of the Lagos-Calabar Coastal Highway, marking a major milestone for the project.
Key Points:
- President Bola Tinubu commended the collaborative effort by the Finance and Works ministries and the DMO.
- Finance Minister Wale Edun stated the loan was signed on December 19, 2025.
- This funding, combined with a previous $747 million, fully finances Phase 1 of the flagship project.
- The facility was jointly underwritten by First Abu Dhabi Bank and Afreximbank.
- The funded section will cover approximately 55.7km from Eleko to Ode-Omi.
- Comprehensive value-for-money and environmental assessments were conducted to ensure compliance.
- The administration reaffirmed its commitment to innovative financing for critical infrastructure.
Sources: The Cable
