Nigeria Secures $1.2 Billion UAE Loan for 700-Kilometer Coastal Highway Project

The Nigerian presidency announced today that the country has secured a $1.2 billion loan from an Abu Dhabi-based bank to fund the construction of the Lagos-Calabar coastal road. Spanning 700 kilometers along the Atlantic coast, the new highway is designed to enhance connectivity between key economic hubs in Nigeria.

According to official data, the project is expected to facilitate the movement of goods and people between the country's southwest and southeast regions, support regional trade, and improve access to ports. The financing forms part of the government's ongoing initiative to upgrade infrastructure and drive economic growth.

Analysts believe that the loan from the UAE financial institution reflects growing international investor confidence in Nigerian infrastructure development. The project is also likely to attract additional investment into the transport sector and positively impact industries such as construction and logistics, with the potential to strengthen intra-West African trade.

Estimates suggest the project will take several years to complete, with the government aiming for tangible progress in national infrastructure development. Close monitoring of project execution and financing will be essential to achieving the intended objectives.