President Bola Tinubu has counseled the profitable closure of a $1.26bn financing deal for Part 1, Part 2 of the Lagos–Calabar Coastal Freeway, describing the achievement as a significant enhance to Nigeria’s infrastructure drive.
Presidential spokesman, Bayo Onanuga, in a press release on Friday mentioned the President was impressed that the Federal Ministry of Finance, the Ministry of Works, and the Debt Administration Workplace collectively collaborated in securing the funding.
Noting that the milestone would guarantee uninterrupted progress on the challenge, Onanuga highlighted the transformative potential of the highway.
“The Lagos–Calabar Coastal Freeway is one in every of President Bola Tinubu’s greatest items to Nigeria. Those that have condemned this historic challenge might be ashamed of themselves when the Tinubu administration completes the highway,” Onanuga mentioned.
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Tinubu mentioned that the financing milestone demonstrated his administration’s dedication to exploring revolutionary funding choices for vital nationwide tasks and emphasised that the freeway stays central to the federal government’s financial and infrastructure agenda. Part 1, Part 2 of the challenge spans roughly 55.7 kilometres, linking Eleko in Lekki to Ode-Omi.
“It is a main achievement, and shutting this transaction means the Lagos–Calabar Coastal Freeway will proceed unimpeded.
“Our administration will proceed to discover out there funding alternatives to execute vital financial and precedence infrastructural tasks throughout the nation,” the President mentioned.
The Part 1, Part 2 of the freeway covers about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi, key financial corridors anticipated to boost nationwide commerce effectivity and logistics connectivity.
The financing follows an earlier $747 million secured for Part 1, Part 1, reinforcing the challenge’s scalability and attractiveness to worldwide financiers.
The financing was totally underwritten by First Abu Dhabi Financial institution and Afreximbank, with partial danger mitigation assist from the Islamic Company for the Insurance coverage of Funding and Export Credit score (ICIEC).
It marks ICIEC’s largest transaction since Nigeria’s institutional and regulatory reforms, reflecting rising investor confidence within the nation’s reformed funding local weather.
