The Lagos-Calabar Coastal Highway, a flagship project under President Tinubu, is projected to add $12 billion annually to Nigeria’s GDP, with 80% of Phase 1, Section 1 completed and attracting interest from global financiers despite no secured foreign loans yet
[dropcap]T[/dropcap]he Lagos-Calabar Coastal Highway, a signature infrastructure initiative of President Bola Tinubu’s administration, is set to deliver significant economic returns for Nigeria, with projections indicating a potential contribution of up to $12 billion annually to the nation’s Gross Domestic Product (GDP) within its first ten years of operation.
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The ambitious project is already attracting considerable interest from global financiers.
Speaking at the commissioning of a completed section of the highway, Imo State Governor, Hope Uzodimma, underscored the transformative potential of the project.
“This project is more than a road, it is a catalyst for national development,” Uzodimma declared.
“By connecting nine coastal states, linking major ports, and unlocking critical trade routes, this highway will drive growth across agriculture, industry, tourism, and marine commerce.”
The Minister of Works, David Umahi, highlighted the project’s impressive cost-effectiveness and accelerated pace of execution.
This project is more than a road, it is a catalyst for national development.
He revealed that top international financiers, including Deutsche Bank and the Development Bank of Southern Africa, have visited the construction site and reportedly praised the project as “undervalued” due to its high-quality output and efficient implementation.
Umahi further clarified the funding status: “As of today, we have not secured one global loan on the project. Hitech has invested its own funds, and the work is about 80 percent completed.”
He noted that “The international stakeholders were impressed by the pace, quality, and the President’s vision.”
Despite the absence of foreign loans to date, the project has achieved substantial milestones ahead of schedule.
A 30-kilometre stretch from Ahmadu Bello Way to Eleko Village in Lagos has already been completed, signaling effective planning and execution by the developers.
President Tinubu, during the inauguration event, expressed his satisfaction with the progress.
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“It is a great honour and a sense of fulfilment to commission this completed section — Phase 1, Section 1 — of the 750-kilometre Lagos-Calabar Coastal Highway,” he stated, marking a significant step forward for the monumental infrastructure project.
Peculiar Adirika is a journalist and contributor to Freelanews.com, covering news, business, and public affairs.
