The Federal Government has secured a $747 million syndicated loan to finance Phase 1 Section 1 of the Lagos-Calabar Coastal Highway, a major infrastructure project under the Renewed Hope Agenda.
The loan, announced in a press statement by the Ministry of Finance on Wednesday, is aimed at completing the first section of the highway, which spans 47 kilometres from Victoria Island to Eleko Village in Lagos State.
According to the statement by the Director of Information and Public Relations at the Ministry of Finance, Mohammad Manga, this stretch is already more than 70% completed and is expected to play a crucial role in unlocking trade, improving connectivity, and enhancing logistics across the region.
