Deutsche Bank Leads $747 Million Loan to Fund Lagos–Calabar Coastal Highway Phase One

Nigeria has secured a $747 million loan, led by Deutsche Bank, to fund the first phase of the Lagos–Calabar Coastal Highway. This is the largest loan ever raised for a road infrastructure project in the country.

The funds will support the construction of the first 47.5 kilometers of the highway, stretching from Victoria Island to Eleko Village in Lagos. This section marks the starting point of a planned 700-kilometer coastal highway that will run through several southern states, eventually reaching Calabar.

The highway will pass through major states including Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River. The full project is expected to cost about $11 billion and take up to eight years to complete.

The loan was arranged through a group of international and regional banks, with Deutsche Bank as the lead financier. The involvement of several global financial institutions is seen as a strong sign of renewed confidence in Nigeria’s infrastructure and economic reforms.

Once completed, the Lagos–Calabar Coastal Highway is expected to become a major transport route that improves movement of goods and people along Nigeria’s coastline. It is also expected to boost trade, create jobs, reduce travel time, and support tourism and business activities across the region.

The government also plans to introduce tolling and modern maintenance systems to ensure the road is financially sustainable and well managed in the long term.