President Bola Tinubu’s flagship Lagos–Calabar coastal highway project has received a major regulatory boost following the completion and approval of its Environmental and Social Impact Assessment (ESIA) by Natural Eco Capital (NEC). The approval, secured from the Federal Ministry of Environment, is seen as a decisive step in derisking the project for investors and international financiers.
Naija247News gathered that the 700km highway remains one of West Africa’s most ambitious transport infrastructure projects, designed to stimulate regional trade, enhance coastal connectivity, and ease the movement of goods and people across multiple Nigerian states. With the environmental approval now in place, stakeholders say the project has achieved an essential compliance benchmark required to advance financing discussions.
In a statement, NEC Chief Executive Officer Eugene Itua explained that the organisation’s mandate centred on safeguarding the project from regulatory risk while establishing a credible legal foundation for lender engagement. “Our mandate was to protect the project from regulatory risk and provide the legal foundation for financing. By securing approvals for both section 1 and section 2, we ensured the Lagos-Calabar Coastal Highway could move forward with confidence,” Mr Itua said.
Naija247News understands that the statutory disclosure process was managed transparently to strengthen stakeholder participation and promote accountability, a key concern among environmental and community groups. The approved ESIA provides the legal and technical documentation lenders require to conduct due diligence in line with both national and global standards.
Following NEC’s regulatory milestone, Sky Kapital reportedly assumed leadership of lender-focused structuring, aligning the project with international financing frameworks, including the IFC Performance Standards. This alignment, Naija247News gathered, is expected to enhance bankability, reduce financing risks, and strengthen the project’s credibility before global investors.
Industry experts note that the partnership between NEC and Sky Kapital represents a structured two-stage compliance model, beginning with domestic regulatory clearance, followed by international lender conformity. This framework, they said, ensures the project remains both legally compliant and attractive to long-term infrastructure investors.
Naija247News reports that NEC congratulated the Federal Government, the Federal Ministry of Works, and Hitech Construction Company for achieving what it described as a crucial milestone in the project’s development timeline.
As financing discussions intensify, analysts say the regulatory breakthrough signals renewed momentum for the project, one that has attracted both public scrutiny and strong federal backing. Naija247News understands that with environmental compliance secured, attention will now shift to funding structuring, implementation oversight, and delivery timelines for what is poised to become one of Nigeria’s most transformative infrastructure corridors.
Babatunde Ogunsakin ✔
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