By: Erewunmi Peace

Lagos, Nigeria – The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million facility to support the ongoing construction of the Lagos-Calabar Coastal Highway, a major infrastructure project aimed at boosting regional integration and economic development along Nigeria’s coastal corridor.

The funding, which was approved during the Bank’s 92nd Ordinary Board meeting held in Lagos, will be directed toward Section 1, Phase 1 of the highway. This section spans 47.7 kilometers, beginning from Ahmadu Bello Way in Lagos State.

In a statement issued by EBID, the bank said the loan is part of a broader commitment to fund critical infrastructure projects across West Africa. The Lagos-Calabar highway is expected to enhance trade, tourism, and connectivity among coastal states, while also serving as a strategic link to other West African economies.

Minister of Works, Senator Dave Umahi, praised the bank’s support, noting that the project aligns with the Federal Government’s Renewed Hope Agenda to modernize infrastructure and create jobs.

“This partnership with EBID shows growing confidence in Nigeria’s vision for integrated development,” Umahi stated.

The Lagos-Calabar Coastal Highway project was officially flagged off in March 2024 and is designed as a 700 km superhighway connecting Lagos to Cross River State, passing through major cities like Ogun, Ondo, Delta, Bayelsa, Rivers, and Akwa Ibom.

According to EBID, the bank approved a total of €174 million and $125 million in facilities during the same board session, spanning projects in agriculture, infrastructure, and social services across the ECOWAS region.

This latest funding boost is expected to accelerate the pace of construction and attract further investment into one of Nigeria’s most ambitious transport projects to date.