JUST IN: Four Firms Offer Full Refund To Take Over, Toll Lagos–Calabar Coastal Highway
JUST IN: Four Firms Offer Full Refund To Take Over, Toll Lagos–Calabar Coastal Highway — Umahi
According to TVC News, Minister of Works, Dave Umahi, has disclosed that the Federal Government is in advanced discussions with four different companies willing to fully refund the cost incurred on Section I of the Lagos–Calabar Coastal Highway, take over the road, and operate it as a tolled infrastructure asset. According to the minister, the process is already underway, underscoring the administration’s strategy of positioning major infrastructure projects as long-term investments rather than fiscal burdens.
Umahi explained that the interest shown by private sector players validates the economic and strategic value of the Coastal Highway project. He noted that the Lagos–Calabar Coastal Highway, which spans several coastal states, is designed not only to ease transportation but also to stimulate economic growth, improve connectivity, and unlock vast opportunities in tourism, trade, and real estate development along Nigeria’s coastline.
“The fact that four companies are ready to pay 100 per cent of what we have spent on Section I, take over the road, and toll it shows that this project is bankable,” Umahi said. “This is not just about building roads; it is about creating assets that can generate revenue, attract investment, and sustain themselves over time.”
The minister emphasized that the initiative aligns with the Federal Government’s broader infrastructure financing model, which encourages public-private partnerships PPPs to reduce pressure on public funds while accelerating development. By allowing private investors to recoup their investments through tolling, the government can redirect scarce resources to other critical sectors such as healthcare, education, and power.
Umahi also described the Coastal Highway as a “legacy project” that will stand as a defining achievement of the current administration. He stressed that beyond the immediate benefits of improved road transport, the project involves extensive bridge construction, shoreline protection, and modern engineering solutions designed to withstand environmental challenges such as erosion and flooding.
According to him, the highway will significantly cut travel time between key commercial hubs, enhance the movement of goods and services, and improve access to ports and industrial zones. This, he said, would strengthen Nigeria’s competitiveness within the West African sub-region and support long-term economic diversification.
The Minister of Works reassured Nigerians that transparency and due process would guide the selection of any concessionaire. He added that tolling arrangements would be structured to balance investor returns with affordability for road users.
