In a landmark move for infrastructure financing in Nigeria and West Africa, Deutsche Bank has led a $747 million syndicated loan to support the construction of Phase 1, Section 1 of the Lagos-Calabar Coastal Highway—spanning from Victoria Island to Eleko Village, a 47.47km stretch.
This represents the first syndicated road infrastructure loan of its magnitude in Nigeria, and underscores growing global investor confidence in the country’s reform agenda and infrastructure pipeline. Deutsche Bank served as the Global Coordinator, Initial Mandated Lead Arranger, and Bookrunner, also participating in the syndicate.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance, enhancing investor confidence.
The lending syndicate includes a blend of development finance institutions, export credit agencies, and international commercial banks. Notably, First Abu Dhabi Bank acted as Agent across all facilities and Intercreditor Agent, reflecting its strengthening commitment to Nigeria.
Other key financiers include:
- African Export-Import Bank (Afrexim)
- Abu Dhabi Exports Office (ADEX)
- ECOWAS Bank for Investment and Development (EBID)
- Nexent Bank N.V. (formerly Credit Europe Bank N.V.)
- Zenith Bank (via its UK, Paris, and Nigeria branches)
The Lagos-Calabar Coastal Highway is a strategic national infrastructure project, poised to boost economic connectivity, trade, tourism, and logistics along Nigeria’s southern corridor.
