- International Attention: Global lenders are impressed by the coastal highway’s progress.
- Cost-Effective: The project is delivering high-quality results at a lower-than-expected cost.
- Funding Prospects: Major financial institutions are eager to support the project.
- Rapid Progress: Despite funding gaps, significant portions of the road are already completed ahead of schedule.
Global Lenders Amazed by Nigeria’s Coastal Highway
Nigeria’s Minister of Works, David Umahi, recently revealed that international lenders are thoroughly impressed with the Lagos-Calabar Coastal Highway project. They see it as a high-value investment, delivering more bang for its buck than initially anticipated.
What Makes This Highway So Special?
According to Umahi, the rapid progress and cost-efficiency of the project have caught the attention of global financial institutions. They’re not just impressed; they’re eager to jump on board and provide funding.
Deutsche Bank and Development Bank of Southern Africa Impressed
Representatives from Deutsche Bank and the Development Bank of Southern Africa toured the project recently and were reportedly ‘wowed’ by its progress. They even suggested that the project is undervalued, highlighting its ability to achieve top-notch results without breaking the bank.
Funding the Dream: How It’s Going So Far
Umahi clarified that the Nigerian government has fronted about 30% of the project’s costs so far. The rest is expected to come from international loans, which now seem increasingly likely given the positive reception.
“As of today, we have not secured one global loan on the project,” Umahi noted. “Hitech had invested their money and that job is about 80 percent done.”
The Secret Sauce: Efficiency and Innovation
The coastal road project stands out because of its commitment to delivering high-quality results at a lower-than-expected cost. This is largely due to innovative ideas and efficient management, championed by key figures involved in the project.
Projected Timeline and Impact
Despite initial funding gaps, significant progress has already been made. Umahi confidently stated that a substantial portion of the road is expected to be completed well ahead of the original 36-month timeline. This rapid progress further solidifies the project’s appeal to international investors.
By the Numbers: Impressive Stats
- Section One (47 km): Awarded at ₦1.068 trillion, with 30% already committed.
- Section Two (Value: ₦1.33 trillion): 30% commitment, with the remaining 70% expected from loans.
- Completed: 30 kilometers completed ahead of schedule.
What’s Next? More Investment on the Horizon
With major global financial institutions lining up to offer support, the future looks bright for the Lagos-Calabar Coastal Road. The project is poised to attract even more international investment, further boosting Nigeria’s infrastructure development.
“Two development banks that are also funding the loan component of the project, were with us in Abuja, and we came to Lagos to look at the project. And I know that praises resonated at the World Bank Conference in the US before the Honorable Minister of Finance, where they praised the project and they praised Mr. President for his reforms, and in particular this project. And so when the Deutsche Bank people came…and the Development Bank of Southern Africa, they marveled at the rate of construction, the quality of work, and the innovative ideas of Mr. President in insisting that this will be done. And I quote what (they) said, that the project was undervalued.”
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