NIGERIA: FG Bags Foreign Funding For Lagos-Calabar Coastal Highway

By Ameenat Hamzat, Lagos, Nigeria 

The Federal Government has secured foreign financing for the ongoing Lagos-Calabar Coastal Highway through an Engineering Procurement Construction and Financing (EPC+F) agreement with Hitech Construction Company Nig. Ltd.

Minister of Works, David Umahi, announced this on Tuesday, In a statement issued by his Special Adviser on Media, Uchenna Orji, stating that the funding aligns with the government’s strategy for sustainable infrastructure development aimed at driving economic growth.

He confirmed that Phase 1, Section 1 of the project, covering the first 30 kilometers, will be completed before May 29.

He further disclosed that construction of Sections 3A and 3B in Calabar would soon commence.

The Minister revealed that the EPC+F contract was signed in Abuja by the Federal Ministry of Works and Hitech Construction Company. The Ministry’s Permanent Secretary signed on behalf of the Federal Government, while Hitech’s Managing Director, Dany Abboud, signed on behalf of the company.

Umahi emphasized that the agreement complies with legal requirements and marks a crucial milestone in fulfilling President Bola Tinubu’s long-standing vision for the Lagos-Calabar Superhighway, which he described as the largest road infrastructure project in Africa.

He said: “We are grateful to God Almighty for this project initiated by Mr. President. A dream that has been in the making for 27 years is now taking shape under the Renewed Hope administration. Today, we have signed the EPC+F contract, securing the financial component essential to fast-tracking the project.”

He highlighted that the Federal Government is providing 30% counterpart funding while foreign investors are bringing in additional financing.

“The inclusion of foreign funding will accelerate the project’s execution. I am impressed with Hitech’s speed and quality of work. If not for certain financial settlements, we would have completed the first section within a year, despite the project’s 36-month timeline,” he added.

Commending Tinubu’s dedication to infrastructure development, Umahi assured Nigerians that, with the contractor’s capacity and the President’s political will, the 750km Lagos-Calabar Coastal Highway would be completed before the end of Tinubu’s second term.

“We will continue to support and pray for Mr. President. By the end of his tenure, the entire 750 kilometers will be fully completed, by God’s grace,” he said.