By SCM Staff Writer
LAGOS, Nigeria – Road to the Future” has shifted into top gear after President Bola Tinubu secured a massive $1.26 billion (£1bn) funding deal.
The cash injection will supercharge Phase 1 of the epic Lagos–Calabar Coastal Highway—hailed as the most ambitious building project in Africa.
President Tinubu praised his finance team for “closing the deal” and vowed that the 55km stretch of tarmac will now roar ahead “unimpeded.”
The monster deal—underwritten by the First Abu Dhabi Bank and backed by the Islamic Corporation for the Insurance of Investment and Export Credit—is being seen as a massive vote of confidence in Nigeria’s new-look economy.
It is the first time a road project of this size in the country has been fully backed by international big-hitters.
Finance Minister Wale Edun called the signing a “defining moment,” promising that every cent will be used to hit strict deadlines.
The new section will bridge the gap between Eleko and Ode-Omi, opening up a vital trade artery that experts say will transform the region’s economy.
Construction giants Hitech are already on-site, winning praise from lenders for their “engineering excellence” and “lightning speed.”
The project is the crown jewel of Tinubu’s “Renewed Hope” agenda, designed to turn Nigeria into a global trade powerhouse.
