Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance the initial phase of its proposed 700-km (435-mile) coastal highway project, according to the finance ministry on Thursday, July 5, 2025. Finance ministry spokesperson Mohammad Manga stated that this is the largest loan of its kind for road infrastructure in Nigeria.
Deutsche Bank acted as the global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Export Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
The initial section of the highway financed by the loan spans 47.47 km, Manga said. The entire project is expected to cost approximately $11 billion and is scheduled for completion within approximately eight years. The highway will eventually link the commercial capital, Lagos, to the southeastern port city of Calabar.
