President Bola Tinubu has formally requested the Senate’s approval to secure a $516.33 million ($516,333,007) syndicated loan to finance key sections of the Sokoto–Badagry Superhighway.
Purpose: Funds will cover 120 kilometers of construction for Sections 1, 1A, and 1B.
Source: A syndicated facility led by Deutsche Bank.
Terms: Nine-year repayment with a three-year grace period at CME SOFR plus 5.3%.
Guarantee: Backed by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC).
Counterpart Funding: The government will provide ₦265.5 billion for land acquisition and compensation.
The planned 1,000-kilometre, six-lane infrastructure project is designed to connect Sokoto to Badagry, spanning several states. The route aims to boost trade and agricultural logistics by linking numerous communities and infrastructure sites.
