The UAE’s First Abu Dhabi Bank (FAB), in partnership with the African Export-Import Bank (Afreximbank), is providing more than $1 billion in financing for a major road infrastructure project in Nigeria.
FAB, listed on the Abu Dhabi Securities Exchange, will contribute $626 million, while Afreximbank will provide $500 million to fund section two of the first phase of the Lagos-Calabar coastal highway. The project aims to strengthen national trade and improve logistics connectivity, according to a statement by Nigerian President Bola Tinubu.
The new 56km stretch will link Eleko in Lekki to Ode-Omi, forming a key economic corridor in Nigeria. This follows the earlier closing of $747 million in financing for section one of the first phase.
Hitech Construction Company has been appointed to execute the project, the statement added.
In September, AGBI highlighted Africa’s growing appeal to Gulf investors, with sovereign funds and state-owned enterprises seeking to diversify their portfolios beyond oil and gas.
“Africa is viewed not only as a largely untapped market but also as a region abundant in natural resources and strategically positioned to attract GCC investment,” said Kristian Coates Ulrichsen, co-director of the Baker Institute’s Middle East Energy Roundtable.
The UAE continues to be an active investor across Africa, with state-linked entities such as Dubai Investments, AD Ports, and Masdar pursuing rapid expansion.
FAB’s shares closed 0.5 percent higher at AED17.58 on Friday, reflecting a 31 percent gain year-to-date.
