The President Bola Ahmed Tinubu administration has secured a $747 million (roughly ₦1.2 trillion) World Bank loan facility to finance Phase-1 Section-1 of the Lagos-Calabar highway.
According to a statement issued on Wednesday by the Director of Information and Public Relations at the Ministry of Finance, Mohammad Manga, the loan will finance Phase-1 Section-1 of the project, stretching 47 kilometres from Victoria Island to Eleko Village in Lagos.
The project is a flagship under the ‘Renewed Hope Infrastructure Development Agenda’ of the Tinubu administration, and is expected to boost regional trade, logistics, and tourism.
In a major milestone for Nigerian and West African infrastructure development, Deutsche Bank led a $747m 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’, the statement read.
Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, joining other regional and international financiers in the syndicate. The Islamic Corporation for the Insurance of Investment and Export Credit, (ICIEC), provided partial political and commercial risk insurance.
Other key lenders include First Abu-Dhabi Bank (serving as Agent and Intercreditor Agent), African Export-Import Bank (Afrexim), Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank, via its UK, Paris, and Nigerian branches.
The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm. This arrangement integrates technical execution with funding, enabling swift project delivery and encouraging private-sector investment.
According to the ministry, construction work on this section of the highway is already over 70% complete. The road is being built using Continuously Reinforced Concrete Pavement (CRCP), a durable technology designed for a minimum lifespan of 50 years with minimal maintenance.
The ministry emphasised that the highway’s design adheres to top global standards, shaped by extensive technical, legal, environmental, and social assessments.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, said the deal reflects renewed international confidence in Nigeria’s economy under President Bola Tinubu’s administration.
The Lagos-Calabar Coastal Highway is a 700+ km project designed to improve transportation and drive economic growth along Nigeria’s southern corridor. It is estimated to cost ₦15 trillion.
The Federal Government awarded the contract to Hitech Construction Company Ltd. under an Engineering, Procurement, Construction, and Financing (EPC+F) model, in which the contractor assumes most financial and construction risks, while the government provides counterpart funding.
“Without Tinubu, Buhari wouldn’t have won APC primary” – Presidency
The Senior Special Assistant to the President on Media and Publicity, Tomitope Ajayi, has stated that former President Muhammadu Buhari would not have secured the All Progressives Congress (APC) presidential ticket without the pivotal support of President Bola Tinubu.
Ajayi’s remarks follow comments made by the immediate past Secretary to the Government of the Federation (SGF), Boss Mustapha, during a book launch authored by Garba Shehu, former Senior Special Assistant to President Buhari on Media and Publicity.
At the event, Mustapha asserted that no single individual was responsible for Buhari’s emergence as President.
Mustapha highlighted that prior to the 2015 elections, Buhari commanded a loyal following of 12.5 million votes, while the legacy parties that formed the APC contributed an additional three million votes. This combined strength, he said, resulted in the approximately 15 million votes that enabled Buhari to defeat then-incumbent President Goodluck Jonathan of the Peoples Democratic Party, (PDP).
Responding via his X handle: @TheTope_Ajayi, Ajayi criticised Mustapha’s comments, describing them as a distortion of recent political history. “Let’s even leave the general election that then-General Buhari won to become president in 2015. There is no way he would have won the election to be president without first becoming the presidential candidate of his party, APC”, he stated.
Ajayi further emphasised that Buhari would not have clinched the APC primary at the Teslim Balogun Stadium, Lagos, in 2014 without Tinubu’s intervention. According to him, Tinubu was instrumental in rallying APC governors and South-West delegates to support Buhari’s candidacy.
Ajayi added: “Every effort and support that made it possible for President Buhari to win should never be diminished. Buhari had his 12 million captive Northern votes, yet he lost three presidential elections in 2003, 2007, and 2011”.
The comments by Tinubu’s aide have fueled speculation about a possible rift between President Tinubu and his predecessor, Buhari. Some political observers point to the actions of Buhari loyalists – former Kaduna State governor, Nasir el-Rufa’i, and the former Attorney-General of the Federation (AGF) and Minister of Justice, Abubakar Malami, SAN) – as evidence of growing opposition to Tinubu within the APC.
It has been reported that some of Tinubu’s supporters are concerned that former President Buhari has not intervened to restrain el-Rufa’i and Malami, who are alleged to be opposing Tinubu’s re-election efforts.
