Gulf Cash Fuels Nigeria’s Ambitious 700-km Coastal Highway

Ce qu’il faut retenir

A fresh US$1.26 billion loan from First Abu Dhabi Bank secures a second 56-km segment of Nigeria’s planned 700-km coastal highway. President Bola Tinubu hails the deal as proof the Lagos-to-Calabar corridor will proceed unhindered, yet questions linger over contract transparency and the livelihood disruptions already reported along the shoreline.

Contexte

Revived by the current administration, the megaproject aims to connect Lagos with Nigeria’s eastern border near Cameroon, dovetailing with the wider West African coastal corridor. A July facility of US$747 million led by Deutsche Bank financed the initial 37-km stretch. The cumulative pledged debt now reaches roughly US$2 billion for only 93 kilometres.

Emirati loan signals Gulf confidence

The First Abu Dhabi Bank deal underscores Abu Dhabi’s appetite for African transport assets. For Abuja, attracting capital from outside traditional Western lenders diversifies risk and burnishes its investment narrative. Tinubu called the package “a major success,” stressing that construction “will continue without hindrance” (communication from the Presidency).

Mapping the Lagos–Calabar spine

The blueprint envisions a six-lane expressway hugging Nigeria’s Atlantic rim, skirting industrial clusters, oil-and-gas terminals and tourism enclaves before meeting the Cross-River frontier. Policymakers bill the artery as a future backbone for freight seeking shorter haul times between ECOWAS ports, while engineers anticipate complex geotechnical works across lagoons and mangroves.

Financing architecture in two tranches

The Emirati facility follows a classic engineering-procurement-construction structure. Funds target a 56-km portion east of Lagos, contiguous with the 37-km pilot already under way. Both loans are commercial, signalling Abuja’s willingness to assume market-rate debt rather than rely purely on concessional windows. Repayment terms were not disclosed in the presidential statement.

Political significance for Tinubu administration

Barely one year in office, Tinubu has embraced large-scale infrastructure as a signature. Supporters argue that early visible progress may strengthen investor confidence in broader reforms. The presidency frames the highway as proof that domestic political will can mobilise offshore capital even amid fiscal tightening and currency volatility.

Corporate spotlight on Hightech Construction

Construction rights rest with Hightech Construction, a firm led by a long-time associate of Tinubu. Critics question the procurement process and absence of competitive rebidding after the project’s revival. The government maintains that existing contractual lineage justified direct engagement and that performance benchmarks will be rigorously enforced on site.

Coastal communities voice concerns

Civil-society groups warn that land clearance has already disrupted artisanal fisheries and small tourism businesses along the Lekki–Epe axis. They demand stronger resettlement planning and compensation. Officials counter that economic losses will be offset by new logistics parks and that environmental impact reviews meet national standards, though details remain sparse.

Regional integration stakes

Beyond Nigeria, the highway dovetails with ECOWAS blueprints for a continuous Atlantic corridor stretching to Dakar. Abuja believes early delivery could reposition its ports as regional gateways, easing pressure on overland Nigerien and Chadian routes. The Cameroon terminus also offers a symbolic bridge between anglophone and francophone markets in the Gulf of Guinea.

Calendrier

According to the Ministry of Works, the initial 37-km segment should reach substantial completion within eighteen months of mobilisation. The newly funded 56-km section is scheduled to break ground shortly after financial closure. No official timeline exists for the remaining 607 kilometres, pending further debt syndication and budgetary approvals.

Acteurs

Key players include the Nigerian Presidency, the Ministry of Works, First Abu Dhabi Bank as sole lender on the latest tranche, and Hightech Construction as EPC contractor. Civil-society coalitions from Lagos and Cross River monitor compliance, while regional bodies such as ECOWAS list the corridor among priority transport links.

Scénarios

If additional financing materialises on schedule, Abuja could deliver the western half of the route before 2030, cementing Tinubu’s infrastructure credentials. A slower debt syndication might push timelines beyond his term, exposing the venture to policy drift. Social pushback, unless managed, could trigger costly redesigns or legal injunctions.