Government secures $747m loan for Lagos–Calabar coastal highway

Nigeria obtained a $747 million syndicated facility led by Deutsche Bank to finance the first 47.5 km of the planned 700 km Lagos–Calabar coastal highway. Officials say the eight-year project aims to strengthen logistics, tourism and regional trade. Supporters tout the loan as the largest of its kind for a Nigerian road project, while critics urge transparent procurement and environmental safeguards along the corridor.

Source: https://www.reuters.com/world/africa/nigeria-secures-747-million-deutsche-bank-led-syndicated-loan-coastal-highway-2025-07-10/