In a major milestone for Nigerian and West African infrastructure development, Deutsche Bank led a $747 million syndicated loan to finance Phase 1 Section 1 (from Victoria Island to Eleko Village 47+47km) of the Lagos-Calabar Coastal Highway, a project under Nigeria’s infrastructure development agenda.
This marks the first syndicated road infrastructure loan of its size in Nigeria and is a strong signal of global investor confidence in the country’s reform trajectory and infrastructure pipeline.
Deutsche Bank acted as Global Coordinator, Initial Mandated Lead Arranger and Bookrunner and participated in the syndicate, alongside other regional and international lenders.
The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) provided partial political and commercial risk insurance.
The syndicate includes support from development finance institutions, export credit agencies and international commercial banks—notably First Abu Dhabi Bank, also acting as Agent across all facilities and Intercreditor Agent, whose involvement underscores its strong and growing support for Nigeria.
Other lenders involved are the African Export-Import Bank (Afrexim), the Abu Dhabi Exports Office (“ADEX”), the ECOWAS Bank for Investment and Development (“EBID”), Nexent Bank N.V. (formerly known as Credit Europe Bank N.V.) and Zenith Bank (through its UK, Paris and Nigeria offices).
