₦airaland Forum

The Ministry of Finance announced yesterday that Deutsche Bank arranged the facility.

Phase 1, Section 1 of the Highway is from Victoria Island to Eleko Village.

A statement by the Director of Information and Public Relations, Mr. Mohammed Manga, indicated that it was the first syndicated road infrastructure loan of its size in Nigeria and “a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.”

The ministry added, “Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders.

“The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.

“The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria.

“Other lenders involved are the African Export-Import Bank (“Afrexim”), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).

“The project is structured as an EPC+F (Engineering, Procurement, Construction + Financing) contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms.

“This structure aims at a strategic partnership between the Government and the private sector, seamlessly aligning technical execution with financing solutions.

“It enables fast-track project delivery while unlocking and maximizing private sector appetite for investment in the country’s priority infrastructure.”

The ministry stated that the construction of Phase 1, Section 1, is already over 70% complete.

It added that the highway, constructed using Continuously Reinforced Concrete Pavement (CRCP), reflected a commitment to long-term resilience and efficiency.

“Engineered for a minimum lifespan of 50 years with minimal maintenance, it offers outstanding durability and cost-effectiveness.

“The project’s design and implementation have been shaped by comprehensive technical, legal, and environmental and social assessments, ensuring alignment with the highest international standards.”

Speaking on the loan, Mr. Wale Edun, Minister of Finance and Coordinating Minister of the Economy, was quoted as saying, “This deal reflects the success of our macroeconomic reforms and the return of international capital to support Nigeria’s development.

“We are focused on financing infrastructure in ways that are sustainable, transparent, and catalytic—and this transaction is a model of that vision in action.

“The closing of this market-defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.

“It positions the country as being ready for a full transition to the design, development, financing, as well as operations and management of critical public infrastructure through Public Private Partnerships.

“It signals to investors and private sector participants, the sophistication and maturity of the Nigerian market and commitment of the Government to sanctity of contracts and innovative structures to fund critical national infrastructure that will deliver sustained and inclusive growth.”

Source: https://vanguardngr.com/FG-secures-$747m-loan-for-Lagos-Calabar-highway

Still baffled at the desperation towards achieving this project. In this trying period, we have to go for such humongous loan towards financing the project. No mention was made on how the repayment will be made. And this is just for a phase and section of the entire project.

An highway that achieves nothing special. They are just claiming it will bring some phantom industries and development to that axis to get it done. Very painful reality.
The NLC and unions should please rise and do something, at least Obi is no longer in that LP so rubbish talk of politically motivated protest shouldn't fly.

Whooping 1 trillion naira borrowed just to build another 30km in the next 2 years

Election money don dey ready

Which phase 1 section 1 are they collecting loan for?

Is it not the same phase and section they supposedly commissioned recently as almost finished?

Bat... hmm...

yinkus6750:
Still baffled at the desperation towards achieving this project. In this trying period, we have to go for such humongous loan towards financing the project. No mention was made on how the repayment will be made. And this is just for a phase and section of the entire project.

If repayment cannot be made then Deutsche Bank have a problem

Nigeria was in a More trying period when Babangida decided to dispense the $12 billion on building a new capital =Abuja

Not sure if anyone called it DESPERATION at the time but I believe the money could have been better spent on power plants and refineries or rail.


You use some funny words

Desperation , humongous


I think it is a good idea to do something for the Southern part of the country too

740 billion is being spent on Abuja -Kano road
There is a road from Abuja to Kaduna and a rail line too

Is there any road or rail from Abuja to Ibadan or Abuja to Enugu or Abuja to Benin or Calabar

Buhari even initiated a rail line to Niger
Where is the rail line from Lagos to Ghana or Calabar to Cameroon?


Yes let them do something for the South which is where most of the money comes from and if it is desperation fine because No Northern President will do that but Northern presidents build Abuja, Abuja -Kaduna etc

So I commend the project and if possible he should borrow more to complete the project in 2 years

Nigeria borrowed a lot of money for all those projects in the North

So No problem in doing so for the south

It is because of things like this that presidency needs to rotate

See How Buhari used Amaechi to build projects for the North all with BORROWED MONEY

Compare and contrast. Will there be value for the huge borrowing

The fraud is expanding
One trillion naira budget no do
$100m ECOWAS addition no do
It’s now $700m plus in loans
I hope the EFCC takes note and traces who gets paid what in this inflated white elephant project

That is another trillion added to our debt burden.

So baffling that the master strategist has no strategy of generating revenue other than loan and taxi g the life out of Nigerians.

Peter Obi created the industrial estate we have in Anambra today and attracted several firms which generated revenue for Anambra.

He can replicate in Nigeria as a whole.

A clueless and totally useless government. I am still wondering what Tinubu achieved from his visit to St Lucia. Maybe he went to beg money.

Did we not go for second niger bridge which is still a waste today abi only you ipob get two heads. The road will be towed for repayment how many times them wan tell you that.

yinkus6750:
Still baffled at the desperation towards achieving this project. In this trying period, we have to go for such humongous loan towards financing the project. No mention was made on how the repayment will be made. And this is just for a phase and section of the entire project.

Felabrity:
Whooping 1 trillion naira borrowed just to build another 30km in the next 2 years

Election money don dey ready

Till tomorrow second niger bridge they wasted billioms on as not yielded a single kobo so keep quiet.

CodeTemplarr:
An highway that achieves nothing special. They are just claiming it will bring some phantom industries and development to that axis to get it done. Very painful reality.

yinkus6750:
Still baffled at the desperation towards achieving this project. In this trying period, we have to go for such humongous loan towards financing the project. No mention was made on how the repayment will be made. And this is just for a phase and section of the entire project.

Keep on being baffled, is there anything that has not baffled you since your favorite lost?

The IMF and World Bank policies are imperialist in design. It was never meant to solve the problem in the colonies rather to have them in perpetual debt.

We're making headlines borrowing to fund projects with 100% construction resources available in country! I still find it difficult to understand. Even the lubes and fuels are here so what's the need for the millions of dollars in loan. Whoever understands should educate me abeg.

Countries nationalize key sectors for growth but here it is abused.

yinkus6750:
Still baffled at the desperation towards achieving this project. In this trying period, we have to go for such humongous loan towards financing the project. No mention was made on how the repayment will be made. And this is just for a phase and section of the entire project.

#

I don’t know where you live or your level of education, but if you’ve been to the Ibeju-Lekki axis recently, you’d understand that this corridor stretching from Eko Atlantic to Epe has become one of the most commercially vibrant zones in Africa.

Today, millions of Nigerians are actively engaged in various commercial activities within this area. Thanks to visionary government policies and strategic infrastructural investments, projects such as the Lekki Deep Sea Port, Dangote Refinery, Lekki Free Trade Zone, Lekki International Airport, Alaro City, and even the Imota Rice Mill have transformed the region into a booming economic hub.

These projects didn’t just appear overnight; they are the result of deliberate planning and bold decisions to create enabling environments for growth. By attracting both local and international investments, the government has effectively generated employment opportunities for over 10 million Nigerians.

When the Lagos Coastal Road is completed, it is projected to create even more jobs potentially lifting millions out of poverty and significantly improving the quality of life for countless families.

Yet, many people fail to appreciate the macroeconomic impact of such long-term investments. They focus solely on the price of rice and garri, without understanding that sustainable economic development requires infrastructure, industrialization, and strategic growth initiatives.

Consider countries like the UAE, Singapore, and Malaysia. If their leaders had prioritized immediate subsidies on food and cheap fuel over investing in critical infrastructure, would they be the thriving global economic centers they are today? Their success stories were built on long-term vision, not short-term populism.

Unfortunately, in Nigeria’s case, decisions like introducing fuel subsidies rather than using those funds to build refineries and develop core infrastructure have left the country struggling with underdevelopment. This misallocation of resources is one of the reasons why many young Nigerians feel compelled to “japa” in search of better opportunities abroad.

True economic progress is not about quick fixes or temporary relief. It’s about making hard, strategic choices today to secure a prosperous and self-sufficient future tomorrow.

All these foreign loans should stop.
It appears as if there are a few people in the federal government and the lending institution who get commissions from these loans.
When the federal government takes external loans, they indirectly take money from the general Nigerian population through naira devaluation, and excessive inflation.

Image123:
Keep on being baffled, is there anything that has not baffled you since your favorite lost?

Does this make sense? To loan this amount of money for road that some/many Nigerians will never use?

Why not divert it into 24/7 electricity? Or do interstate and Intercity roads?

This country

Front0lane:
Did we not go for second niger bridge which is still a waste today abi only you ipob get two heads. The road will be towed for repayment how many times them wan tell you that.

You guys can't offer any constructive criticism. Just empty air. Wetin concern upon concern this?

Anybody who sees through the stewpeedity of this govt is automatically ipod. Ara yin le'n se

gerrardomendes:
A clueless and totally useless government. I am still wondering what Tinubu achieved from his visit to St Lucia. Maybe he went to beg money.

Is he back in town sef?
The man is just so clueless. Absolutely pathetic mhen

PlasmaTV:
Does this make sense? To loan this amount of money for road that some/many Nigerians will never use?

Why not divert it into 24/7 electricity? Or do interstate and Intercity roads?

This country

Did it make sense to loan money for Kaduna-Abuja roads , rail, Nigeria to Niger Rail Abuja rail Abuja Kano road

Why is it a problem when it is in the south where the money to pay all those loans actually comes from

The FG has borrowed and spent trillions of Naira for projects in the North

They should do something for the south too


If Tinubu does not do it is it a Northern president that will do it?

For 8 years Buhari could not complete Lagos Ibadan , Benin Sagamu or East West roads

Let the south breathe

aribisala0:
Did it make sense to loan money for Kaduna-Abuja roads , rail, Nigeria to Niger Rail Abuja rail Abuja Kano road

Why is it a problem when it is in the south where the money to pay all those loans actually comes from

The FG has borrowed and spent trillions of Naira for projects in the North

They should do something for the south too


If Tinubu does not do it is it a Northern president that will do it?

For 8 years Buhari could not complete Lagos Ibadan , Benin Sagamu or East West roads

Let the south breathe

So you are more interested than do me I do you politics rather than actual governance?

So are you trying to justify this humongous white elephant project whose risk/reward ratio is ridiculous?

Bulaba Highway

Highway to debts, crisis and stagnation.

Felabrity:
Whooping 1 trillion naira borrowed just to build another 30km in the next 2 years

Election money don dey ready

1 trillion DOLLARS you mean? If I'm not mistaken, I saw seven hundred plus million dollars.

PlasmaTV:
Does this make sense? To loan this amount of money for road that some/many Nigerians will never use?

Why not divert it into 24/7 electricity? Or do interstate and Intercity roads?

This country

What sort of mindset is this? How many Nigerians use the rail? How many Nigerians use the second niger bridge? We can ask this question for every road and project carried out by the FG and think one dimension all day. What about the billions already spent and still being spent on electricity? Are you unaware that the project you criticise is both interstate and intercity?

PlasmaTV:
So you are more interested than do me I do you politics rather than actual governance?

So are you trying to justify this humongous white elephant project whose risk/reward ratio is ridiculous?

1. That is your interpretation . Do me I do you makes sense somewhere in your head it reflects your level of evolvement. It has no meaning to me and I never said so .. We are talking about fairness and equity in the distribution of national resources and you are talking do me I do you. A twisted and perverse psychological condition
2. That is your opinion does not mean it is right or even relevant
many other leaders in the south south region commend the project. It seems you just learnt this word humongous and feel like you need to practise it

Front0lane:
Till tomorrow second niger bridge they wasted billions on, has not yielded a single kobo so keep quiet.

The bridge is not tolled but has greatly reduced the traffic jam & has resulted in better traffic flow & increased productivity.

adenigga:
Source: https://vanguardngr.com/FG-secures-$747m-loan-for-Lagos-Calabar-highway

contract awarded to Hitech Construction Company, one of Nigeria’s leading infrastructure firms.
Thievenubu and his paddy from Lebanon's company 😗

adenigga:
Source: https://vanguardngr.com/FG-secures-$747m-loan-for-Lagos-Calabar-highway

Haaaaaa! That huge amount of money on currently needless road! Nigeria has been finally mortgaged!🙆🙆🙆🙆🙆🙆🙆