Nigeria's Coastal Highway Project: Economic Impact and Challenges

The article highlights the ongoing development of the Lagos-Calabar Coastal Highway, a 700-kilometer project estimated to cost N15.6 trillion. The project aims to enhance infrastructure and economic growth but has faced public backlash, with concerns over inadequate compensation for affected property owners.

The highway will stretch from Victoria Island in Lagos to Calabar, crossing several states including Ogun, Ondo, Edo, Delta, Bayelsa, and Akwa Ibom. Governor Babajide Sanwo-Olu of Lagos has stated that the project will deliver substantial economic benefits and has begun compensating property owners, with N15 billion disbursed as of May 2025.

The first phase of the highway, a 47-kilometer stretch, is nearing completion and is expected to be commissioned by Christmas 2025. Additionally, Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has announced a bank sector recapitalization program aimed at tightening regulatory requirements for commercial banks, reflecting the need for financial stability in the country.