Bola Tinubu Lauds Finance Ministry for Securing $1.26bn Loan for Lagos-Calabar Coastal Highway

Bola Tinubu commends Nigeria's Finance Ministry for successfully closing a $1.26 billion financing deal for Phase 1 Section 2 of the Lagos-Calabar Coastal Highway. The project aims to enhance trade efficiency and logistics connectivity along a 55.7-kilometer stretch.

The financing was underwritten by First Abu Dhabi Bank (FAB) and received risk mitigation support from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). Various advisory services were engaged to ensure alignment with international standards and best practices.

The project signifies a major achievement in Nigeria's infrastructure development efforts.