The ECOWAS Bank for Investment and Development (EBID) has approved $100 million to support the development of the Lagos-Calabar Coastal Highway, a major infrastructure initiative in Nigeria.
The funding was sanctioned during the bank’s 92nd Ordinary Session of its Board of Directors, held in Lagos. This financial injection will go toward Section 1, Phase 1 of the project, covering a 47.7-kilometre stretch beginning from Ahmadu Bello Way in Lagos.
Lagos-Calabar Coastal Highway
The Lagos-Calabar Coastal Highway is a strategic project aimed at enhancing regional integration and boosting Nigeria’s coastal economy. The highway, which will span approximately 700 kilometers, is being constructed by Hitech Construction Company Limited. It is designed as a six-lane dual carriageway within a 60-meter-wide corridor and will include a central railway line to support intermodal transportation. The total cost of the project is estimated between $11 billion and $12.5 billion, with completion expected by 2031.
A key feature of the project is its incorporation of green energy solutions. The highway will be equipped with solar-powered lighting and is expected to feature wind energy installations along the coastal stretch. These renewable energy systems are aimed at reducing the project’s environmental impact, earning carbon credits, and supplying free power to nearby communities.
Beyond its infrastructural significance, the highway is expected to have a transformative impact on regional trade and economic activity. It will connect nine Nigerian states along the coastal corridor, improving access to seaports and unlocking isolated agro-industrial zones. EBID highlighted that the investment will promote the creation of a regional value chain and foster economic inclusion for coastal communities.