TEMPLARS Advises on US$1.26 Billion Financing for the Lagos–Calabar Coastal Highway

The Lagos–Calabar Coastal Highway is a strategically significant infrastructure project that will enhance connectivity, unlock economic activity in Nigeria’s South-South region, and strengthen trade and logistics corridors along the coastline.

The transaction represents one of the largest recent sovereign-backed infrastructure financings in Nigeria and underscores growing international confidence in Nigeria’s infrastructure programme. The signing marks a defining moment in Nigeria’s infrastructure journey, following the successful closing of the US$747 million financing for Phase One, Section One on 9 July 2025, on which TEMPLARS also advised the syndicate of lenders comprising various banks and multilateral financial institutions.

President Bola Ahmed Tinubu has described the closure of financing for Phase One, Section Two of the Lagos–Calabar Coastal Highway as a major achievement, noting that it guarantees the continued delivery of one of Africa’s most ambitious infrastructure projects. ICEIC’s participation also made it its largest transaction involving Nigeria since Nigeria’s recent institutional and regulatory reforms, reflecting growing confidence in Nigeria’s reformed investment climate and capacity to deliver complex infrastructure projects.

TEMPLARS Managing Partner, Oghogho Akpata, commented: “This transaction reflects Nigeria’s continued ability to attract sophisticated cross-border financing for priority infrastructure. We are proud to have supported FAB and Afreximbank on a deal of this scale and importance, and to contribute to the delivery of infrastructure that will have long-term economic impact.”

TEMPLARS Partner, Zelda Akindele, who led the transaction, added: “Advising on a financing of this complexity and size required deep coordination across multiple stakeholders and regulatory frameworks. This deal demonstrates the strength of collaboration between development finance institutions, commercial lenders and sovereign counterparties, and we are delighted to have guided our clients through a successful close.”

The TEMPLARS team was led by Partner, Zelda Akindele, with support from Senior Associate, Victor Sameria, and Associates, Olaotan Oyekan, Joshua Chizoma, Godswill Ogbewe and Nmesoma Obi.