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See the Millions of Dollar ECOWAS Bank Approve for Lagos-Calabar Coastal Highway Project

Published by Tope Fakinlede on July 6th, 2025.

See the Millions of Dollar ECOWAS Bank Approve for Lagos-Calabar Coastal Highway Project

The ECOWAS Bank for Investment and Development (EBID) has approved a $100 million investment toward the development of a major segment of Nigeria’s Lagos-Calabar Coastal Highway.

This funding is designated for a 47.7-kilometre portion of the project—identified as Section I, Phase I—beginning from Ahmadu Bello Way in Lagos. Construction on this initial stretch began in March 2024, with Hitech Construction Company Limited appointed as the lead contractor.

The funding approval was announced during EBID’s 92nd Ordinary Session, held in Lagos. At the event, the bank also detailed development commitments totaling €174 million and $125 million for infrastructure and social initiatives throughout the ECOWAS region.

The Lagos-Calabar highway initiative aims to enhance regional integration by connecting nine Nigerian states. It is expected to improve access to key seaports, strengthen agricultural value chains, and support industrial and logistical growth across Nigeria’s southern region. The project also seeks to foster a regional supply chain, potentially boosting the economies of several coastal communities.

EBID emphasized that the project aligns with its broader regional development strategy. “The bank has approved $100 million to finance the Lagos-Calabar coastal road, which spans 47.7 km and is designed to link multiple states, open up agro-industrial zones, and promote trade across the subregion,” the institution said.

In addition to the Nigerian highway project, EBID has pledged funding for various other regional initiatives:

Togo will receive €50 million to establish and equip six technical and vocational training centers. These centers are expected to train approximately 3,480 young people annually in skills that match current labor market demands.

Guinea will benefit from €28.9 million to renovate four agricultural high schools, along with €95.16 million allocated for the construction of three micro-hydroelectric power plants, which will collectively produce 30 megawatts of clean energy for rural communities.

Côte d’Ivoire is set to receive $25 million to support clinker imports by Société de Ciment de Côte d’Ivoire, helping address material shortages and sustain the country’s cement production sector.

EBID stated that these new funding commitments are closely aligned with the United Nations Sustainable Development Goals (SDGs), particularly Goal 9, which focuses on building resilient infrastructure and fostering innovation and industrial growth. With these allocations, the bank’s total investment footprint across West Africa now exceeds $5 billion.

Meanwhile, Nigeria’s Minister of Works, David Umahi, recently revealed that the Federal Government has awarded contracts valued at over N3 trillion for various phases of the Lagos-Calabar Coastal Highway. These include:

Section I (Lagos segment), awarded at N1.068 trillion, with 30% of the funds already disbursed.

Section II, a more complex route that includes several bridges and connects to the Dangote Refinery, contracted at N1.6 trillion.

Sections III A and III B, spanning Akwa Ibom and Cross River states, with a combined value of N1.33 trillion.

President Bola Tinubu officially commissioned the first completed segment of the highway in May 2025, signaling continued momentum on one of Nigeria’s most ambitious infrastructure projects.