Nigeria – July 11, 2025: A $747 million syndicated loan, led by Deutsche Bank, has been finalized to fund the 47.47 km stretch of the Lagos-Calabar Coastal Highway from Victoria Island to Eleko Village, according to the Nigerian Ministry of Information. This loan, the first of its scale for road infrastructure in Nigeria.
Deutsche Bank served as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, with participation from lenders including First Abu Dhabi Bank, acting as Agent and Intercreditor Agent, the African Export-Import Bank (Afrexim), Abu Dhabi Exports Office (ADEX), ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V., and Zenith Bank. The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial risk insurance.
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Hitech Construction Company secured the Engineering, Procurement, Construction + Financing (EPC+F) contract, fostering public-private collaboration, according to the ministry. Construction is reportedly over 70% complete. The highway, built with Continuously Reinforced Concrete Pavement (CRCP) for a 50-year lifespan with minimal maintenance, complies with international technical, legal, and environmental standards, the ministry claims.
