The Deutsche Bank has led a $747 million 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 the President, Bola Ahmed Tinubu’s Renewed Hope Infrastructure Development Agenda.
In a statement released by the Finance Ministry recently revealed that this marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.
It further disclosed that the Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger, Bookrunner and participated in the syndicate, alongside other regional and international lenders. 
While the Islamic Corporation for the Insurance of Investment and Export Credit (“ICIEC”) provided partial political and commercial risk insurance.
The statement stated further that the syndicate includes support from development finance institutions, export credit agencies and intl commercial banks, notably First Abu Dhabi Bank, who acted as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria.
Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).
The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms.
However, the statement pressed further that this structure aims at a strategic partnership between the Government and the private sector, seamlessly aligning technical execution with financing solutions.
“It enables fast-track project delivery while unlocking and maximizing private sector appetite for investment in the country’s priority infrastructure. Construction of Phase 1 Section 1 is already over 70% complete.
“The highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflects commitment to long-term resilience and efficiency. Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness.
“The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.
“The Lagos-Calabar Coastal Highway will serve as a vital trade and logistics corridor, enhancing regional integration, tourism, reducing transport costs, and creating jobs. A tolling strategy is currently being finalised to ensure the project’s operational and financial sustainability.
“These mechanisms will support a self-sustaining, concession-backed framework, helping to ensure long-term viability. Financing for subsequent phases is already being structured, with strong interest from regional and international investors.
“This landmark transaction reflects the renewed engagement of international financial institutions with Nigeria, driven by bold macroeconomic reforms and a commitment to delivering bankable, transformative projects”, the statement concluded.
