The Federal Authorities has secured about $1.2 billion in financing from the United Arab Emirates to advance building of a key phase of the Lagos–Calabar Coastal Freeway.
The Presidency made this announcement in an announcement on Friday, based on Bloomberg.
The funding can be utilized to a 56-kilometre part of the coastal freeway, one of many Federal Authorities’s flagship infrastructure tasks.
When accomplished, the freeway is predicted to span 700 kilometres alongside Nigeria’s Atlantic shoreline, linking main {economic} and industrial centres.
President Bola Tinubu stated the deal ensures uninterrupted progress on the venture as the federal government intensifies efforts to shut Nigeria’s infrastructure hole.
“It is a main achievement, and shutting this transaction means the Lagos–Calabar Coastal Freeway will proceed unimpeded,” President Bola Tinubu stated in the assertion.
He added that the federal government would proceed to pursue inventive financing choices to help large-scale infrastructure improvement throughout the nation.
In July, Nigeria secured a further $747 million in financing for one more part of the identical freeway, demonstrating the venture’s scale and phased funding construction.
He emphasised that the usage of CRCP expertise would guarantee unmatched sturdiness and price effectivity, setting a brand new customary for street building in Nigeria.
The Lagos–Calabar Coastal Freeway has been positioned as a transformative transport hall geared toward bettering logistics, commerce, tourism and regional integration.
The most recent UAE-backed facility strengthens funding certainty for certainly one of Nigeria’s largest street tasks and indicators sustained worldwide confidence within the nation’s infrastructure programme.
If delivered as deliberate, the coastal freeway might considerably scale back journey time, stimulate coastal {economic} exercise, and improve connectivity between southern states—key targets of the Tinubu administration’s progress and improvement agenda.