Federal Government Land $1.26 Billion Abu Dhabi Loan to Push Lagos–Calabar Coastal Highway Phase Two Forward

Federal Government don finally secure $1.26 billion loan from Abu Dhabi to continue work for Phase One, Section Two of the Lagos–Calabar Coastal Highway, and Aso Rock say the project no go slow down again. Presidency yarn am on Friday, confirm say President Bola Ahmed Tinubu dey happy well-well as money don drop for table.

President Tinubu hail the Ministry of Finance, Ministry of Works and Debt Management Office (DMO) say dem try for how dem take join hand close the deal. According to am, the transaction na big win, because e go allow construction continue without “story that touch,” as Nigerians like to talk.

The President still add say Federal Government no go rest for one style of borrowing alone. Instead, dem go dey find smart and innovative ways to raise money for big infrastructure projects, so roads, rail and economy fit move forward—no be to dey patch pothole forever.

How Federal Government Take Borrow the Money (No Be Pure Borrow Borrow)

Finance Minister Wale Edun explain say the loan agreement sign on December 19, 2025, and government get plan to use the money wisely—no be to blow am. According to am, the funds go ensure say the coastal road finish on time, not the usual “next year, next year” promise.
Edun remind Nigerians say this one no be the first success story. Earlier for July 9, 2025, FG already secure $747 million for Phase One, Section One. This new deal just come complete the financial puzzle for the next stretch of the road.

He still drop better gist say this na the first fully underwritten road financing of this size in Nigeria history. First Abu Dhabi Bank carry $262 million, Afreximbank bring $500 million, while ICIEC give partial guarantee—making am the biggest ICIEC-backed deal since dem create the organisation. As dem talk am, na big boy borrowing with big boy structure.

Federal Government Road Details, Completion Hope and Small Celebration

Phase One, Section Two of the Lagos–Calabar Coastal Highway cover about 55.7 kilometres, linking Eleko in Lekki to Ode-Omi. SkyKapital act as lead financial adviser, Earth Active (UK) handle environmental and social wahala, while big legal names like Hogan Lovells and Templars settle international and Nigerian legal matters.
Before anybody shout “inflated contract,” SkyKapital still do value-for-money assessment, and GIBB Holdings independently confirm am—so government say dem no just throw money anyhow.

Minister of Works David Umahi don earlier promise say Phase One go complete by May 29, 2025, and to show say e no be audio promise, President Tinubu already commission the completed 30km Section One on May 31, 2025. With this fresh $1.26 billion funding, FG say the Lagos–Calabar Coastal Highway don enter express mode—make traffic of excuses clear road.