ECOWAS Bank Approves $100 Million for Lagos to Calabar Coastal Highway

The ECOWAS Bank for Investment and Development has approved a $100 million loan to support the first phase of the Lagos to Calabar Coastal Highway.

This funding will go toward constructing a 47.7-kilometre section of the highway in Lagos, known as Section 1, Phase 1. Construction began in March 2024 and is being handled by a local company.

The highway is part of a larger plan to connect nine coastal states across southern Nigeria. It will improve road access to major seaports, farming zones, and industrial areas, helping to boost economic development and regional trade.

The full project is expected to cost more than N3 trillion. Section 1 alone has a contract value of over N1 trillion, with a significant portion of the funding already disbursed.

In addition to this project, the bank is also supporting infrastructure, energy, education, and industry initiatives in other West African countries such as Togo, Guinea, and Côte d’Ivoire.

The Lagos to Calabar Coastal Highway is expected to be completed by 2028. It is one of Nigeria’s most important transport projects and plays a key role in improving trade and investment across the region.