Nigeria has obtained a $747 million syndicated loan led by Deutsche Bank to begin the first phase of its ambitious 700-km coastal highway project, the Ministry of Finance announced on Thursday.
According to ministry spokesperson Mohammad Manga, this is the largest ever financing deal for a road infrastructure project in Nigeria. The loan will cover the construction of the initial 47.47 km section of the highway.
The entire project is estimated to cost around $11 billion and is expected to be completed within eight years. Once developed, the coastal highway will play a major role in improving transportation and trade, linking Lagos, the economic hub of Nigeria, with Calabar, a key port city in the southeast.
Government officials believe the project will boost regional connectivity, investment, and logistics, while creating thousands of jobs in the construction and transportation sectors.
The loan deal signals growing international confidence in Nigeria’s infrastructure goals, despite economic pressures, including a currency rate of ₦1,523.48 to $1 as of the latest exchange value.
