By: Manoah Kikekon
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| Lagos-Calabar Coastal Highway |
The Lagos-Calabar Coastal Highway has reached a pivotal milestone, clearing significant regulatory hurdles that pave the way for international financing. Natural Eco Capital (NEC) has successfully secured the essential Environmental and Social Impact Assessment (ESIA) approvals, effectively creating a "regulatory risk buffer" for the 700km mega-project.
As one of West Africa’s most transformative infrastructure developments, the highway aims to revolutionize regional trade and mobility. However, projects of this magnitude often face delays due to environmental concerns and legal bottlenecks. By obtaining the Federal Ministry of Environment’s seal of approval for Sections 1 and 2, NEC has established the legal and technical foundation necessary for the project to proceed with full compliance.
According to Eugene Itua, CEO of Natural Eco Capital, the focus was on protecting the project from regulatory risks. The successful statutory disclosure process was managed with a high degree of transparency, ensuring that stakeholder engagement and accountability remained central to the development.
“Our mandate was to provide the legal foundation for financing. By securing these approvals, we ensured the Lagos-Calabar Coastal Highway could move forward with confidence,” Itua stated.
This regulatory clearance acts as a green light for global lenders, allowing them to conduct due diligence without the looming threat of legal or environmental injunctions.
The project’s progress is bolstered by a strategic partnership between NEC and Sky Kapital. While NEC handled the national regulatory landscape, Sky Kapital focused on aligning the project with international lender frameworks, such as the IFC Performance Standards.
This two-stage compliance model merging Nigerian law with global safeguards significantly enhances the project's bankability. It ensures that the highway is not just a local infrastructure priority but a secure, attractive investment for international financial institutions.
Accelerating Nigeria’s Infrastructure Goals
The collaboration between the Federal Government, the Federal Ministry of Works, and Hitech Construction Company has been lauded as a masterclass in risk management. By integrating environmental safeguards early, the project reduces long-term operational risks and accelerates the timeline for securing construction capital.
The Lagos-Calabar Coastal Highway is now positioned as a blueprint for how large-scale African infrastructure can meet Global ESG (Environmental, Social, and Governance) criteria while driving domestic economic growth.