Nigeria’s Senate has approved a $516,333,700 syndicated loan facility to support the construction of the ambitious Sokoto–Badagry Super Highway, a major infrastructure project aimed at boosting national connectivity and economic growth.
The approval followed the consideration of a report presented by the Senate Committee on Local and Foreign Debts, chaired by Aliyu Wammakko. Lawmakers endorsed the financing plan and emphasized the importance of transparency, competitive procurement, and strict oversight throughout the project’s execution.
As part of its resolution, the Senate directed key government agencies, including the Federal Ministry of Finance, the Debt Management Office, and the Ministry of Works, to submit quarterly progress reports. It also mandated that the full financing agreement be presented within 30 days.
The loan request was initially submitted by Bola Tinubu in a letter addressed to Godswill Akpabio. According to the proposal, the facility will be arranged by Deutsche Bank AG and backed by a partial risk guarantee from the Islamic Corporation for the Insurance of Investment and Export Credit.
The Federal Government is also expected to provide counterpart funding of over ₦265 billion to cover land acquisition, compensation, and other related infrastructure costs.
The project’s first phase will cover approximately 120 kilometres, forming part of a broader 1,000 kilometre highway corridor stretching from Sokoto to Badagry. Lawmakers noted that the road will link several states, including Kebbi, Niger, Kwara, Oyo, Ogun, and Lagos, improving trade routes and reducing transportation costs.
During deliberations, senators highlighted the economic potential of the project, noting its ability to enhance agricultural supply chains, create jobs, and strengthen national integration. However, they also acknowledged that the loan would add to Nigeria’s external debt, stressing that its long term benefits must justify the financial commitment.
With Senate approval secured, the financing arrangement now moves to the التنفيذ stage, marking a significant step toward the realization of one of Nigeria’s largest infrastructure projects.
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