The Ministry of Finance says the Federal Government, in collaboration with Deutsche Bank, has secured a $747 million loan to finance Phase 1 Section 1 of the Lagos-Calabar Highway.
In a statement by the Director of Information and Public Relations, Mr. Mohammed Manga, such laudable progress by Nigeria is a strong signal to boost global investors’ confidence in the country’s reform trajectory and infrastructure pipeline.”
Manga stated that Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, and participated in the syndicate alongside other regional and international lenders.
The ministry stated that the construction of Phase 1, Section 1 from Victoria Island to Eleko Village is already over 70 per cent complete. It added that the highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflected a commitment to long-term resilience and efficiency.
“The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.
“The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria.
“Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).
“The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms, ”he said.
