Abuja, July 9, 2025
The Federal Government has finalized a significant syndicated financing arrangement, secured through the Engineering, Procurement, Construction + Finance (EPC+F) model with Hitech Construction, to support Phase 1, Section 1 of the Lagos–Calabar Coastal Highway.
The deal includes:
A $100 million facility from the ECOWAS Bank for Investment and Development, targeting the 47.7 km stretch in Lagos State (Phase 1, Section 1).
Complementary co-financing through a syndicated loan structure facilitating foreign investment under the EPC+F terms.
Under the agreement:
The Federal Government contributes 30% of project funding, with the remaining 70% raised via foreign financing.
Construction of Section 1 began in March 2024 and is slated for commissioning by May 2025.
As of late June, $100 million has been committed, while additional global lenders—including the African Development Bank, Islamic Development Bank, Deutsche Bank and DBSA, have expressed keen interest.
