Nigeria has secured a $747 million syndicated loan, led by Deutsche Bank, to finance the construction of the first phase of its ambitious 700 km (435 miles) coastal highway project, the Ministry of Finance announced on Thursday. Mohammad Manga, a spokesman for the Ministry of Finance, said that this is the first loan of this magnitude intended for road infrastructure in Nigeria

According to Mohammad Manga, a spokesman for the Ministry of Finance, this is the first loan of this magnitude intended for road infrastructure in Nigeria.

Deutsche Bank acted as the global coordinator of the syndicate, which also includes First Abu Dhabi Bank, the African Export-Import Bank, the Abu Dhabi Exports Office, the Abu Dhabi Exports Office, the ECOWAS Investment and Development Bank, as well as Zenith Bank.

The initial section of the highway financed by this loan is 47.47 km long, said Mohammad Manga. The total cost of the project is estimated at around $11 billion and is expected to be completed in about eight years.

Ultimately, the highway will connect the economic capital, Lagos, to the port city of Calabar, located in the south-east of the country.