FG’s Lagos-Calabar highway project gets boost of $100 million from ECOWAS Bank
- The federal government of Nigeria initiated the Lagos-Calabar Coastal Highway project in 2024
- The project is expected to connect several states and cities along the corridor, and has already gulped billions of naira
- The ECOWAS Bank of Industry and Development has given the project a further boost with extra funding
Ruth Okwumbu-Imafidon, a journalist with Legit.ng, has over a decade of experience in business reporting across digital and mainstream media.
The federal government’s Lagos-Calabar Coastal Highway construction project has received a major funding boost from the Economic Community of West African Countries (ECOWAS).
The ECOWAS Bank for Investment and Development (EBID)approved a funding of $100 million for the project, as part of a broader financing package.
The approval came during the EBID 92nd ordinary session meeting held on 30 June 2025.
Source: Twitter
The statement on the ECOWAS website reveals that the board of directors approved €174 million and $125 million to several projects expected to boost economic growth and industrial development across West Africa.
The publication on the website read:
“A USD 100 million Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria.
“This project, which spans 47.7 km, will link nine Nigerian states, improve access to seaports and isolated agro-industrial areas, and contribute to the emergence of a regional value chain to help coastal communities.”
With the latest investment approvals, EBID’s commitments in West Africa are north of $5 billion.
Lagos-Calabar Coastal Highway project
The project was initiated under the current administration of President Bola Tinubu, and construction was awarded to Hitech Construction Company Limited.
The actual construction was reported to have started in March 2024 and some demolitions were carried out in the area.
The Minister of Works, David Umahi, said the federal government would pay N2.75 billion as compensation to property owners affected by the demolition.
He also promised that more compensation would be paid to property owners along the coastal corridor.
The project is expected to consume N15.6 trillion, a move that former President Olusegun Obasanjo described as wasteful and corrupt.
Other projects that received ECOWAS funding
The ECOWAS Bank for Investment and Development (EBID) also approved funds for several other projects in West Africa.
According to The Cable news, they include:
- €50 million for the construction and equipping of six technical and vocational training centres in Togo, to be executed by Planet One.
- $25 million to support Société de Ciment de Côte d’Ivoire in importing 400,000 tonnes of clinker.
- €28.9 million to modernise and bring up to standard four (4) agricultural high schools in the Republic of Guinea.
- €95.163 million to build three hydroelectric micro-power stations (30 MW) with SOGEOH at Poukou, Bolokoun, and Biwbaw in the Republic of Guinea.
The bank statement confirmed that the projects align with the United Nations' Sustainable Development Goals (SDGs) 4, 7, and 9, and will also contribute to promoting sustainable development across the region.
Source: Twitter
Lagos Govt Suspends Approvals along Lagos-Calabar Coastal Road
In related news, the Lagos State Government has suspended planning approvals along the Lagos-Calabar Coastal Road.
This is due to its disruption of ongoing urban development plans in the area, and the impact of the project on the Ode-Omi Action Area Plan, and Ibeju-Lekki Model City Plan.
Legit.ng reports that the Lagos State Physical Planning Permit Authority (LASPPPA) is enforcing the suspension.
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Source: Legit.ng
