Nigeria Secures $1.2 Billion UAE Loan for 700km Coastal Superhighway

The securing of a $1.2 billion loan from the United Arab Emirates (UAE) marks a turning point for Nigeria’s ambitious Lagos-Calabar Coastal Highway project.

This financing agreement, finalized on December 26, 2025, follows the recent diplomatic thaw between Abuja and Abu Dhabi and provides the critical liquidity needed to accelerate the first two phases of the 700km “superhighway.”

The loan is specifically earmarked for the construction of Phase 1 (Lagos) and Phase 2 (Delta to Rivers), which are considered the most economically dense segments of the route.

“This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” President Bola Tinubu said in a statement.

The government will continue to pursue creative financing options to support infrastructure development, he added.

The loan was fully underwritten by First Abu Dhabi Bank, with risk mitigation provided by the Islamic Corporation for the Insurance of Investment and Export Credit. Nigeria secured $747 million in financing for another section of the freeway in July.

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