ECOWAS Bank has approved a $100 million loan for Nigeria’s coastal highway infrastructure push.
The Lagos-Calabar project aims to boost trade, cut travel time, and connect key regions.
The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the ongoing construction of a 47.7 kilometer stretch of the Lagos-Calabar Coastal Highway, reinforcing its commitment to regional infrastructure development.
The announcement was made during the 92nd Ordinary Session held in Lagos, where the bank disclosed fresh funding approvals totaling over $300 million for projects across West Africa. The 47.7 km section, funded by EBID and classified as Section I, Phase 1, begins at Ahmadu Bello Way in Lagos and is being constructed by Hitech Construction Company Limited. Work on this section officially commenced in March 2024.
EBID emphasized that the Lagos-Calabar highway will significantly enhance connectivity among nine Nigerian states, linking key ports and agricultural processing zones along the southern corridor. The bank described the highway as pivotal to strengthening regional trade, logistics, and value chains.
“This project will support the creation of a regional value chain that enhances the livelihoods of communities along the coast,” EBID noted in a statement.
The highway is part of Nigeria’s broader infrastructure push aimed at unlocking economic potential across the southern belt. Once completed, it is expected to streamline the transportation of goods and services, reduce travel times, and stimulate investments in logistics and agri-businesses.
In addition to the Lagos-Calabar project, EBID also approved funding for other critical initiatives within the West African subregion:
- €50 million for six vocational and technical education centres in Togo.
- €28.9 million to upgrade four agricultural institutions in Guinea.
- €95.16 million for hydroelectric micro-power plants in Guinea.
- $25 million to enhance cement production capacity in Côte d’Ivoire.
These commitments bring EBID’s total financing in the region to over $5 billion, underlining its role as a key player in regional development financing.
Back home, Nigeria’s Minister of Works, Senator David Umahi, revealed that over ₦3 trillion in contracts have already been awarded for different phases of the Lagos-Calabar Coastal Highway:
- Section I (Lagos): ₦1.068 trillion, with about 30% of the funds already disbursed.
- Section II (linking the Dangote Refinery corridor): ₦1.6 trillion.
- Sections III A & B (Akwa Ibom and Cross River States): ₦1.33 trillion.
President Bola Ahmed Tinubu inaugurated the first completed portion of the coastal highway in May 2025, marking a significant milestone in the administration’s infrastructure agenda.
The ECOWAS-backed investment is viewed as a significant boost to Nigeria’s economic integration goals, particularly as it aims to enhance access to rural and coastal regions while facilitating regional trade across West Africa.
