A $1.126 billion financing package was finalized on December 19, 2025, for Phase 1, Section 2 of the Lagos-Calabar Coastal Highway, a 55.7-kilometer stretch running from Eleko in Lekki to Ode-Omi in Lagos and Ogun states.
The deal was fully underwritten by First Abu Dhabi Bank (contributing $626 million) and Afreximbank ($500 million), with partial risk coverage from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). This marks ICIEC's largest supported transaction to date.
This financing comes after a $747 million package secured in July 2025 for Phase 1, Section 1 (a roughly 47-kilometer segment from Ahmadu Bello Way in Victoria Island to Eleko. Construction across the project is managed by Hitech Construction Company Limited . A value-for-money assessment was performed by the Ministry of Works with SkyKapital, independently verified by GIBB.
The overall Lagos-Calabar Coastal Highway is planned as a 700-kilometer route linking nine coastal states (Lagos, Ogun, Ondo, Edo, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River), intended to improve trade logistics, tourism, and connectivity along Nigeria's southern coast.
SkyKapital handled lead financial advisory duties, including structuring and lender coordination. Environmental and social compliance was advised by Earth Active Ltd (UK) to meet IFC Performance Standards and Equator Principles. Legal teams included Hogan Lovells (international) and TEMPLARS (Nigeria).
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