The ECOWAS Bank for Investment and Development (EBID), based in Lomé, has approved a $100 million (₦153 billion) billion) loan for the construction of a 47.7-kilometre section of the Lagos-Calabar Coastal Highway in Nigeria.
This funding represents a key milestone in Nigeria’s goal to complete the 700 km highway by 2028.
EBID announced the loan during its 92nd Ordinary Session of the Board of Directors, recently held in Lomé, Togo.
This highway loan is part of a larger funding package that includes €174 million and $125 million for infrastructure and social development across West Africa.
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Section 1, Phase 1 of the Lagos-Calabar Coastal Highway
The 47.7 km stretch, identified as Section 1, Phase 1, starts at Ahmadu Bello Way in Lagos. Hitech Construction Company Limited began work on the project in March 2024. Authorities view the highway as a strategic investment aimed at driving regional integration and economic growth.
According to EBID, this segment will improve transportation efficiency, connect nine Nigerian states, and enhance access to key seaports. It will also open up previously isolated agro-industrial zones along Nigeria’s southern economic corridor. EBID emphasised:
“This project will contribute to the emergence of a regional value chain and support the livelihoods of coastal communities.”
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Strategic Economic and Social Impact
The Lagos-Calabar Coastal Highway is expected to deliver significant economic and social benefits to both Nigeria and the broader West African region. By strengthening infrastructure along the southern corridor, the project will cut travel time, reduce transport costs, and ease the movement of goods and people.
Moreover, this improved connectivity is likely to stimulate trade, attract private investment, and boost tourism along Nigeria’s coastline.
