The Federal Government has secured a $747 million loan to finance the coastal highway that will eventually link Lagos State to Calabar.
A Reuters report quoting the Finance Ministry said the syndicated loan led by Deutsche Bank is to finance the construction of the first phase of the 700-km (435-mile) project.
Finance ministry spokesperson Mohammad Manga on Thursday said the loan is the first of its size for road infrastructure in Nigeria.
Deutsche Bank acted as global coordinator in the syndicate, which includes First Abu Dhabi Bank, African Export-Import Bank, Abu Dhabi Exports Office, ECOWAS Bank for Investment and Development, and Zenith Bank.
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The initial section of the highway financed by the loan spans 47.47 km, Manga said.
The entire project is expected to cost around $11 billion and be completed in about eight years.
