The ECOWAS Bank for Investment and Development (EBID) has approved $100 million in funding for the Lagos-Calabar Coastal Highway project, a major infrastructure initiative in Nigeria. The financing will cover a 47.7-kilometre stretch, designated as Section I, Phase I of the project, beginning at Ahmadu Bello Way in Lagos.
The announcement was made during EBID’s 92nd Ordinary Session in Lagos, where the bank also disclosed additional development financing commitments totalling €174 million and $125 million for projects across West Africa.
The Lagos-Calabar Highway is expected to significantly enhance regional connectivity by linking nine Nigerian states, improving access to key seaports, and boosting economic activities along Nigeria’s southern corridor.
Construction, handled by Hitech Construction Company Limited, began in March 2024. The project aligns with the United Nations Sustainable Development Goals, particularly SDG 9, which focuses on industry, innovation, and infrastructure.
In related developments, Nigeria’s Minister of Works, David Umahi, revealed that the Federal Government has awarded contracts exceeding N3 trillion for various sections of the highway.
These include Section I (Lagos) at N1.068 trillion, Section II (bridges leading to the Dangote Refinery) at N1.6 trillion, and Sections III A & B (Akwa Ibom and Cross River) at N1.33 trillion.
President Bola Tinubu officially inaugurated the first completed segment in May 2025, signalling steady progress on the project.
Meanwhile, EBID’s broader funding initiatives include €50 million for vocational training centres in Togo, €28.9 million for agricultural schools in Guinea, €95.16 million for hydroelectric plants, and $25 million to support cement production in Côte d’Ivoire.
With these latest approvals, EBID’s total investments in West Africa have surpassed $5 billion. Further updates on the Lagos-Calabar Highway’s development are expected as construction advances.
