Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance the first phase of its ambitious 700-kilometre coastal highway project, the Federal Ministry of Finance confirmed on Thursday.
According to ministry spokesperson Mohammad Manga, the loan represents the largest of its kind ever obtained by the country for road infrastructure.
Deutsche Bank acted as the global coordinator for the syndicate, which also includes First Abu Dhabi Bank, African Export-Import Bank, the Abu Dhabi Exports Office, the ECOWAS Bank for Investment and Development, and Zenith Bank.
The initial phase to be financed with this facility covers a 47.47-kilometre stretch of the proposed highway. The full project, expected to cost approximately $11 billion, is projected to be completed within eight years.
The coastal highway will connect Nigeria’s commercial hub, Lagos, with Calabar, a strategic port city in the southeastern region of the country, facilitating trade and improving access to coastal communities.
The government sees the project as a critical step toward unlocking economic opportunities, enhancing regional integration, and attracting further investment in infrastructure development.
