ECOWAS Bank Approves $100 Million for Lagos-Calabar Coastal Highway

In a major milestone for Nigeria’s infrastructure development, the ECOWAS Bank for Investment and Development (EBID) has approved a $100 million loan to support the ongoing construction of the Lagos-Calabar Coastal Highway. This strategic funding will finance the 47.7-kilometre Section I, Phase I of the highway, beginning at Ahmadu Bello Way in Victoria Island, Lagos. The project, handled by Hitech Construction Company Limited, officially began in March 2024.

The announcement came during EBID’s 92nd Ordinary Session, held in Lagos, where the bank also unveiled a combined funding package of €174 million and $125 million for transformative infrastructure and social projects across West Africa.

Lagos-Calabar Coastal Highway: A Game-Changer for Nigeria’s Economy

The Lagos-Calabar Coastal Highway is a centerpiece of Nigeria’s economic diversification agenda. Designed to span nine coastal states, the highway aims to:

• Enhance intra-regional connectivity
• Link key seaports and agricultural zones
• Boost trade across southern Nigeria
• Drive regional integration and value chains
• Stimulate local economies and job creation

According to EBID, the project aligns with the United Nations Sustainable Development Goal 9 (Industry, Innovation, and Infrastructure), highlighting its significance in achieving sustainable growth and inclusive development.

Nigeria’s Commitment: Over N3 Trillion Already Invested

Nigeria’s Federal Government has shown firm commitment to the ambitious coastal highway project, with contracts worth over ₦3 trillion already awarded across different phases:

• Section I (Lagos): ₦1.068 trillion, with 30% of the funds already disbursed
• Section II (Dangote Refinery axis): ₦1.6 trillion, covering swamp crossings and flyovers
• Sections IIIA & IIIB (Akwa Ibom & Cross River): ₦1.33 trillion combined

President Bola Ahmed Tinubu officially commissioned the first completed segment of the road in May 2025, a move celebrated as a landmark moment in Nigeria’s drive for modern, world-class infrastructure.

EBID’s Broader Investment in West Africa

Beyond Nigeria, EBID approved significant projects across member countries, reinforcing its role as a catalyst for regional development:

• Togo: €50 million for six advanced technical and vocational education centres to train over 3,400 youths annually
• Guinea: €28.9 million to modernize four agricultural high schools
• Guinea (Energy): €95.16 million for three micro-hydroelectric power stations (30MW total capacity)
• Côte d’Ivoire: $25 million to support clinker imports for cement production, reducing raw material shortages

EBID Crosses $5 Billion in Total Regional Investments

With these latest approvals, the ECOWAS Bank’s cumulative investment commitments in West Africa have now surpassed $5 billion, cementing its position as a leading development finance institution in the region.

Why This Matters for Nigerians and West Africans

The Lagos-Calabar Coastal Highway is more than just a road project. It is a transformative infrastructure investment that promises to unlock billions in trade, reduce logistics costs, create thousands of jobs, and connect millions of people across the coastal region of Nigeria.

With strong backing from EBID and other international partners, this project represents a bold step toward achieving Nigeria’s vision of a modern, interconnected, and resilient economy.