In a major milestone for Nigerian and West African infrastructure development, Deutsche Bank led a $747 million syndicated loan to finance Phase 1 Section 1 (from Victoria Island to Eleko Village 47+47km) of the Lagos-Calabar Coastal Highway, a flagship project under Nigeria’s Renewed Hope Infrastructure Development Agenda. 

This marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.

Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders. The Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) provided partial political and commercial risk insurance. The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria. Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).

The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms. This structure aims at a strategic partnership between the Government and the private sector, seamlessly aligning technical execution with financing solutions. It enables fast-track project delivery while unlocking and maximizing private sector appetite for investment in the country’s priority infrastructure. Construction of Phase 1 Section 1 is already over 70% complete.

The highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflects a commitment to long-term resilience and efficiency. Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness. The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.

The Lagos-Calabar Coastal Highway will serve as a vital trade and logistics corridor, enhancing regional integration, tourism, reducing transport costs, and creating jobs. A tolling strategy is currently being finalised to ensure the project’s operational and financial sustainability. These mechanisms will support a self-sustaining, concession-backed framework, helping to ensure long-term viability. Financing for subsequent phases is already being structured, with strong interest from regional and international investors. 

This landmark transaction reflects the renewed engagement of international financial institutions with Nigeria, driven by bold macroeconomic reforms and a commitment to delivering bankable, transformative projects.

*Quotes*

Wale Edun, Minister of Finance and Coordinating Minister of the Economy, Federal Republic of Nigeria 

*“This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development. We are focused on financing infrastructure in ways that are sustainable, transparent, and catalytic—and this transaction is a model of that vision in action. The closing of this market defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development. It positions the country as being ready for a full transition to the design, development, financing as well as operations and management of critical public infrastructure through Public Private Partnerships. It signals to investors and private sector participants, the sophistication and maturity of the Nigerian market and commitment of the Government to sanctity of contracts and innovative structures to fund critical national infrastructure that will deliver sustained and inclusive growth.”*

Hon. David Umahi, Minister of Works, Federal Republic of Nigeria 

*“This transaction is a vote of confidence in Nigeria’s economic reform agenda. The Lagos-Calabar Highway is a strategic national asset, and this financing sets a strong precedent for future public-private infrastructure partnerships.”*

Dany Abboud, Managing Director, Hitech Construction Company Limited 

*“We are proud to deliver this historic project. With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards. The use of CRCP technology ensures unmatched durability and cost-efficiency.”*

Dr. Khalid Khalafalla, CEO, ICIEC

*“ICIEC is proud to join the Nigerian government and our co-financiers in realizing the Lagos–Calabar Coastal Highway Project. Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth. This initiative will create employment opportunities, build local capacity, and bolster small and medium-sized enterprises, demonstrating our steadfast commitment to sustainable development, multimodal connectivity, and prosperity for communities across West Africa.”*

The Federal Government of Nigeria has taken a significant step in advancing its economic diplomacy efforts in Brazil, as the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun participated in the Ogun State Investment Forum with the Brazilian Business Community. This engagement was part of a broader effort to promote economic growth and development through strategic partnerships and was held on the sidelines of the 17th BRICS Summit in Rio de Janeiro.

The forum spotlighted Ogun State’s investment readiness across key growth sectors, including energy, manufacturing, agribusiness, technology, and infrastructure. HM Edun emphasised that Nigeria is firmly open for business, highlighting macroeconomic stability and ongoing reforms as a foundation for sustainable private-sector-led growth. He reaffirmed the Federal Government’s commitment to accelerating public-private partnerships and creating a transparent, investor-friendly environment in line with President Bola Ahmed Tinubu’s Renewed Hope Agenda. 

This engagement signals deepening ties between Nigeria and Brazil while reinforcing Ogun State’s position as a gateway for long-term investment into Africa’s most dynamic economy.

The Ogun State Investment Forum Summit in Brazil marks a significant milestone in Nigeria’s economic diplomacy efforts.

 With the Federal Government’s commitment to creating a transparent and investor-friendly environment, Nigeria is poised to attract long-term investments that will drive economic growth and development, especially as it continues to strengthen its ties with Brazil and other global partners, the nation’s prospects for economic prosperity and growth look bright.

The 32nd Annual Meetings of the African Export-Import Bank (Afreximbank) provided a platform for Nigeria to showcase its economic prowess, with the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, highlighting the country’s emergence as a regional hub for trade, development finance, and industrial growth.

Speaking during a high-level session of delegates from across Africa and the diaspora at the Annual Meetings in Abuja on Friday, the Minister underscored Nigeria’s partnership with Afreximbank as a model for effective collaboration between governments and development finance institutions. *We are not just participating in a summit. We are advancing a shared vision for Africa’s prosperity, with Nigeria playing a leading role in its delivery,* Edun said.

He highlighted further that Nigeria has secured over $52 billion in Afreximbank financing, with targeted interventions across energy, infrastructure, healthcare, and SME development, including the Africa Trade Centre in Abuja, the African Medical Centre of Excellence, and the proposed Africa Energy Bank, with $5 billion in capital, to be headquartered in Abuja.

The Minister also pointed to Nigeria’s recent formal adoption of the Pan-African Payment and Settlement System (PAPSS), calling it a game-changer for intra-African trade and financial independence. *With PAPSS, Nigerian businesses can settle cross-border transactions in local currencies, reducing foreign exchange pressures and creating a more stable trade environment,* he stated.

HM Edun applauded the innovative leadership of Afreximbank President Prof. Benedict Oramah and urged the Nigerian private sector to leverage the full suite of Afreximbank instruments, including FEDA, AQAC, and CANEX, to expand market access and scale impact. *The enabling institutions are in place. The infrastructure is growing. Now is the moment for Nigeria’s entrepreneurs and investors to go bigger, bolder, and regional,* he added.

The 32nd Afreximbank Annual Meetings convened top public and private sector leaders to advance dialogue on trade integration, financing solutions, and industrial growth across Africa.

As the African economy continues to evolve, Nigeria’s emergence as a pan-African trade powerhouse positions the country for sustained growth, investment, and prosperity. With strategic partnerships and innovative solutions, Nigeria is poised to play a leading role in shaping the continent’s economic future.