ECOWAS Bank approves $100m for Lagos-Calabar coastal highway

ECOWAS Bank approves $100m for Lagos-Calabar coastal highway

The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million funding package for the construction of Section 1, Phase 1 of the Lagos-Calabar Coastal Highway in Nigeria. This section covers about 47.7 kilometers from Ahmadu Bello Way in Lagos and is being built by Hitech Construction Company Limited. The project aims to improve access to seaports and agro-industrial zones, linking nine Nigerian coastal states to facilitate better regional trade and connectivity.

The Lagos-Calabar Highway is considered one of Nigeria’s most ambitious infrastructure projects in recent years, with construction having started in March 2024. Nigerian authorities emphasize its strategic importance for tourism, logistics, and overall economic growth. EBID highlighted that the highway will also foster the emergence of regional value chains, supporting coastal communities and ECOWAS’s broader regional integration goals by enhancing physical infrastructure and intra-African trade.

This $100 million approval is part of a wider €174 million and $125 million financing package directed at various sectors across West Africa, including education, energy, infrastructure, and social investment. The funding reinforces EBID’s ongoing commitment to advancing regional economic development, industrialization, and trade connectivity across the ECOWAS region.