By Abiola Olawale
The Nigerian government has reportedly secured a staggering total of $100 million in funding for the Lagos-Calabar coastal highway project.
This comes as the ECOWAS Bank for Investment and Development (EBID) reportedly approved $100 million in funding.
The New Diplomat gathered that the approval was part of a broader financing package announced by the bank at its 92nd ordinary session meeting held on June 30, 2025.
Recall that the construction of the highway began in March 2024, with the first phase, a 47.47 kilometres of dual carriageway, awarded to Hitech Construction Company Ltd.
The EBID made this announcement on its website, explaining that its board of directors has approved significant funding for initiatives designed to enhance economic growth and promote industrial development in West Africa.
The statement reads in part: “A USD 100 million Lagos-Calabar coastal motorway project, in the Federal Republic of Nigeria.
“This project, which spans 47.7 km, will link nine Nigerian states, improve access to seaports and isolated agro-industrial areas, and contribute to the emergence of a regional value chain to help coastal communities.”
Aside from the Nigerian project, EBID said funding was also approved for several other projects across the subregion.
The bank approved €50 million for the construction and equipping of six technical and vocational training centres in Togo, to be executed by Planet One.
The EBID said the initiative is designed to provide young people in Togo with skills needed across various industries, with an estimated 3,480 trainees expected to benefit annually, contributing to a more competitive and skilled workforce.
In addition, the ECOWAS Bank approved $25 million to support Société de Ciment de Côte d’Ivoire in importing 400,000 tonnes of clinker.
The project, the bank said, is expected to boost the availability of cement products in Côte d’Ivoire.
