Lagos-Calabar Coastal Highway Attracts Global Investor Interest – Minister Umahi
The Minister of Works, David Umahi, has revealed that Nigeria’s Lagos-Calabar Coastal Highway is drawing significant attention from international investors, with at least four companies expressing interest in covering the full cost of Section One in exchange for operating and tolling the road.
Speaking at a press briefing at the ministry’s Abuja headquarters on Wednesday, Umahi described the highway as an investment-driven legacy project rather than a conventional public works initiative.
“When a nation is facing challenges, it is essential to attract external funding. This is the rationale behind the President’s approach to these four legacy projects,” he said.
According to the minister, the Federal Government is financing roughly 30 percent of the highway, while the remaining 70 percent is expected from international financiers, noting that the anticipated return on investment is “very high.”
“There are four companies ready to pay 100 percent of Section One’s construction cost, take over operations, and manage tolling. This process is ongoing,” Umahi added.
He emphasised that the coastal highway is more than a transport route, describing it as a strategic economic corridor that connects and enhances multiple infrastructure projects nationwide. “This is a legacy investment that links all ongoing projects of Mr. President,” he said.
Umahi also addressed criticisms by Senator Eyinnaya Abaribe regarding the procurement process for the highway, calling the allegations “a direct attack on my integrity.”
“The claim that I ignored procurement procedures is false. The project fully complied with the Public Procurement Act, which recognises three methods—all of which were followed,” Umahi stated. He urged Abaribe to review the law and retract his statement.
The minister further explained that the project underwent a thorough Environmental and Social Impact Assessment (ESIA), a requirement for attracting foreign financing. The ESIA process included public notifications, community stakeholder engagement, independent academic assessment, and an international comment period before certification.
International financiers, including the Dutch Development Bank, reportedly conducted independent evaluations of Section One and gave favourable assessments, noting that the project was well-packaged, of high quality, and undervalued. Umahi said that when the project was opened to foreign funders, subscriptions exceeded expectations by $100 million, reflecting global confidence in the initiative.
The Lagos-Calabar Coastal Highway, spanning approximately 700 kilometres along Nigeria’s southern coast, connects Lagos, Ogun, Ondo, Delta, Bayelsa, Rivers, Akwa Ibom, and Cross River states. The project aims to boost trade, tourism, logistics, coastal protection, and serve as a strategic evacuation corridor for oil, gas, and agricultural assets. Section One, running from Ahmadu Bello Way in Lagos to the Lekki axis, has been closely scrutinised over cost, procurement, and environmental concerns, which the government insists were fully addressed.
Umahi also defended the Federal Government’s record in the South East, refuting claims that the region has been marginalised under President Bola Tinubu. He argued that Abaribe’s statements reflect personal opinion rather than regional consensus.
“The South East has benefited significantly, and the governors are aligned with the President,” Umahi said, citing investments in Abia State, including support for Governor Alex Otti’s reforms and the recent approval of an army depot to strengthen security. He contrasted this with the previous administration, which he said excluded the South East from key national security appointments for eight years.
“President Tinubu has corrected these imbalances by ensuring inclusion and development in the region,” he added, affirming that claims the South East would not support the President in 2027 are unfounded.
