Eric Patrick
The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the construction of a key 47.7-kilometre section of the Lagos-Calabar Coastal Highway, a major infrastructure project being spearheaded by the Federal Government of Nigeria.
The funding approval, confirmed during EBID’s 92nd Ordinary Session held on June 30, 2025, represents a significant boost to the government’s plan to complete the 700km Lagos-Calabar highway by 2028.
The funded stretch designated as Section 1, Phase 1 begins at Ahmadu Bello Way in Lagos and is currently under construction by Hitech Construction Company Limited, having commenced in March 2024.
A statement from EBID on Friday, explained that the $100 million loan is aimed at enhancing transport connectivity across nine Nigerian states, improving access to seaports, and opening up remote agro-industrial zones. The project is also expected to foster the development of regional value chains and improve the livelihoods of coastal communities.
“A $100m Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria. This project, which spans 47.7km, will link nine Nigerian states, improve access to seaports and isolated agro-industrial areas, and contribute to the emergence of a regional value chain to help coastal communities,” the report from the session read.
The Lagos-Calabar Highway funding is part of a broader package of financial commitments by EBID, totalling €174 million and $125 million for infrastructure and social development projects across West Africa.
Among other projects approved include Togo: €50 million for constructing and equipping six technical and vocational education centres to train 3,480 youths annually.
Guinea: €28.9 million to modernise four agricultural high schools, plus €95.16 million for three hydroelectric micro-power plants (30MW total capacity) to boost rural renewable energy access.
Côte d’Ivoire: $25 million to support clinker imports for the Société de Ciment de Côte d’Ivoire, helping ease shortages in the construction sector.
The bank noted that the projects align with key United Nations Sustainable Development Goals, particularly SDG 4 (Quality Education), SDG 7 (Affordable and Clean Energy), and SDG 9 (Industry, Innovation, and Infrastructure).
With the latest approvals, EBID’s cumulative commitments in the subregion now exceed $5 billion.
“These newly approved commitments are aligned with the United Nations Sustainable Development Goals and EBID’s strategic plan to promote resilient, inclusive and sustainable growth and development in the ECOWAS region,” the report stated.
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The Federal Government of Nigeria, meanwhile, has committed over N3 trillion to various sections of the Lagos-Calabar Highway. Minister of Works David Umahi recently disclosed that:
Section I (Lagos) was awarded at N1.068 trillion, with 30% already disbursed.
Section II, featuring flyovers and swamp crossings near the Dangote Refinery, cost N1.6 trillion.
Sections III A and III B in Akwa Ibom and Cross River were jointly awarded at N1.33 trillion.
President Bola Tinubu commissioned the first completed section of the project in May 2025.
Efforts to reach Minister Umahi for official comment were unsuccessful, as his media aide, Orji Uchenna, did not respond to inquiries.