Oluwafunbi Bello 
ABUJA, Nigeria – Nigeria secures a major boost to its infrastructure drive as President Bola Tinubu commends the successful closure of a $1.26 billion financing deal for Phase 1, Section 2 of the Lagos–Calabar Coastal Highway, a flagship project of his administration.
In a statement released Friday, presidential spokesman Bayo Onanuga says the President is impressed by the coordinated effort of the Federal Ministry of Finance, Ministry of Works, and the Debt Management Office in sealing the transaction.
Tinubu says the deal ensures uninterrupted construction of the 55.7-kilometre stretch linking Eleko in Lekki to Ode-Omi, a corridor expected to strengthen national trade and logistics. “This is a major achievement, and closing this transaction means the Lagos–Calabar Coastal Highway will continue unimpeded,” the President says. “Our administration will continue to explore innovative funding options for critical economic and priority infrastructural projects across the country.”
The financing is fully underwritten by First Abu Dhabi Bank and Afreximbank, with partial risk mitigation from the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC). It follows an earlier $747 million secured for Phase 1, Section 1, bringing total funding close to $2 billion
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Edino Chubiyo Cornelius 
Mirian Gom 
Hussaini Ibrahim