The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the construction of a 47.7-kilometre stretch of Nigeria’s ambitious Lagos-Calabar Coastal Highway.
The funded segment—designated as Section 1, Phase 1—begins at Ahmadu Bello Way in Lagos. Construction commenced in March 2024 and is being handled by Hitech Construction Company Limited.
This funding was among several commitments announced during EBID’s 92nd Ordinary Session held in Lagos. According to the News Agency of Nigeria (NAN), the bank disclosed a total allocation of €174 million and $125 million for various infrastructure and social development projects across West Africa.
EBID stated that its investment in the coastal highway aims to improve regional connectivity across nine Nigerian states, facilitate access to seaports and remote agro-industrial areas, and enhance the movement of goods and services along the southern corridor. The project is also expected to foster 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,” the NAN report noted. “This project, which spans 47.7 km, would link nine states, improve access to seaports and isolated agro-industrial areas, and contribute to the emergence of a regional value chain to support coastal communities.”
EBID Expands Regional Development Investments
Beyond Nigeria, EBID approved several other major regional projects:
Togo: €50 million for building and equipping six technical and vocational education centres to train 3,480 youths annually in high-demand trades.
Guinea: €28.9 million to modernise four agricultural high schools and €95.16 million for constructing three micro-hydroelectric power stations with a combined output of 30 MW to improve rural access to renewable energy.
Côte d’Ivoire: $25 million to support clinker imports by Société de Ciment de Côte d’Ivoire, aimed at increasing cement production and reducing supply shortages in the construction industry.
EBID emphasized that these projects align with the United Nations Sustainable Development Goals, particularly SDG 9, which focuses on industry, innovation, and infrastructure. With this round of approvals, the bank’s total financial commitments in West Africa now exceed $5 billion.
Key Facts About Nigeria’s Coastal Highway Project
Nigeria’s Minister of Works, David Umahi, recently revealed that contracts worth over ₦3 trillion have been awarded for multiple sections of the Lagos-Calabar Coastal Highway, covering Lagos, Akwa Ibom, and Cross River States.
Section I (Lagos): Procured at ₦1.068 trillion, with 30% of the funds already disbursed.
Section II: Priced at ₦1.6 trillion, includes several flyovers and traverses swampy terrain near the Dangote Refinery.
Sections IIIA and IIIB: Covering Akwa Ibom and Cross River, these were jointly procured at **₦1.33 trillion.
President Bola Ahmed Tinubu officially commissioned the first completed segment of the highway in May 2025, marking a major milestone in the project’s development.
