Nigeria Secures $1.2 Billion UAE Loan to Build Coastal Highway

Nigeria secured about $1.2 billion in funding from the United Arab Emirates to help build part of a new freeway, the West African nation’s presidency announced Friday.

The loan will help finance the construction of a 56-kilometer (35-mile) stretch of the flagship Lagos–Calabar Coastal Highway. The freeway is ultimately expected to run for 700 kilometers along Nigeria’s Atlantic coastline, linking several major economic hubs, and will be one of the country’s biggest infrastructure projects to date.