The Economic Community of West African States Bank for Investment and Development has approved $100 million to fund the construction of a 47.7-kilometre section of Nigeria’s Lagos-Calabar Coastal Highway.
This first phase, known as Section 1, begins at Ahmadu Bello Way in Lagos. Construction, carried out by Hitech Construction Company Limited, commenced in March 2024.
The approval was part of a wider set of commitments announced at EBID’s 92nd ordinary session in Lagos, according to NAN.
During the session, the bank revealed it had allocated a total of €174 million and $125 million for various infrastructure and social development projects across West Africa.
EBID stated that the funding for the Lagos-Calabar highway aims to improve access across nine Nigerian states, enhance connectivity to seaports and remote agro-industrial zones, and enable more efficient movement of goods and services along the southern economic corridor.
The project is also expected to foster the development of a regional value chain that supports the livelihoods of coastal communities.
“The bank also approved a $100 million funding for the Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria.
“It said that this project, which spanned 47.7 km, would link nine Nigerian states, improve access to seaports and isolated agro-industrial areas. EBID noted the funding would also contribute to the emergence of a regional value chain to help coastal communities,” the NAN report read in part.
Other approved projects include a €50 million investment for building and equipping six technical and vocational education centers in Togo, designed to train 3,480 youths each year in high-demand skills.
The Minister of Works, David Umahi, recently revealed that the Federal Government has awarded contracts totaling over N3 trillion for sections of the Lagos-Calabar Coastal Highway across Lagos, Akwa Ibom, and Cross River States.
Section I, starting in Lagos, was awarded at N1.068 trillion, with 30% of the contract amount already paid.
Section II, which features multiple flyovers and crosses swampy terrain connecting to the Dangote Refinery, was awarded at N1.6 trillion.
