President Bola Tinubu has said the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway reflects growing investor confidence in Nigeria’s infrastructure sector and the country’s reform-driven investment climate. Closing this transaction ensures that work on the Lagos–Calabar Coastal Highway will continue without interruption. The deal follows the earlier $747 million financing secured for Phase 1, Section 1, underscoring the project’s scalability and bankability. The structure signals renewed international confidence in Nigeria’s capacity to deliver large-scale infrastructure. Describing the transaction as “a defining moment in Nigeria’s infrastructure journey,” the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the funds would be deployed responsibly to ensure timely delivery.

Source: The Guardian December 26, 2025 12:29 UTC