JUST IN: Tinubu seeks $516m loan approval for Sokoto–Badagry superhighway

President Bola Tinubu's administration is demonstrating its commitment to transformative infrastructure development with a request for a $516 million loan to finance critical segments of the Sokoto–Badagry Super Highway. This ambitious project, a cornerstone of the 'Renewed Hope Agenda,' is poised to revolutionize Nigeria's economic landscape by forging a vital link between the nation's northern and southern economic corridors.

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Specifically, approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of US$516,333,007 for the execution of Sections 1, 1A, and 1B of the Sokoto–Badagry Superhighway Project.

The proposed highway, stretching approximately 1,000 kilometers from Illela in Sokoto State to Badagry in Lagos State, promises to significantly boost connectivity, enhance road safety, and reduce logistics costs. By directly linking production zones to markets and ports, the project is expected to facilitate trade, strengthen food security, and promote national integration. The inclusion of states like Kebbi, Niger, Kwara, Oyo, and Ogun in its path underscores the project's far-reaching economic implications.

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The inclusion of the said financing in the Federal Government’s borrowing plan, as earlier approved by the National Assembly.

This initiative highlights the administration's proactive approach to securing international financing, with Deutsche Bank identified as the source for the syndicated loan. While the Federal Government will provide counterpart funding for land acquisition and related infrastructure, the external borrowing is crucial for realizing the highway's full potential. The Senate's expeditious consideration of this request is paramount to ensuring that this flagship project moves forward, unlocking significant economic opportunities and driving national development.

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The project is designed to open up Nigeria’s northwest–southwest economic corridor through the construction of an approximately 1,000-kilometre high-capacity carriageway, linking Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos States, stretching from Illela to Badagry.