Market News
FAB backs $1bn funding for Nigerian coastal highway - AGBI
The UAE’s First Abu Dhabi Bank and the African Export-Import Bank are jointly supplying over $1 billion in funding for the construction of a major road infrastructure project in Nigeria.
Abu Dhabi-listed FAB and Afreximbank will provide $626 million and $500 million, respectively, to build section two of the first phase of the Lagos-Calabar coastal highway, which intends to enhance national trade and build logistics connectivity, Nigerian President Bola Tinubu said in a statement.
The new section will cover 56km, connecting Eleko in Lekki to Ode-Omi, an economic corridor in the West African nation. The financing follows the earlier closing of $747 million in funding for section one of the first phase.
Hitech Construction Company is building the project, the statement said.
