In a major infrastructure push, the Nigerian government has approved a $652 million financing agreement with China Exim Bank to construct a strategic roadway linking key industrial hubs in Lagos to several southern states. The approval, granted by the Federal Executive Council under the leadership of President Bola Tinubu, was announced by Minister of Works, David Umahi.
The project is set to create a vital transport corridor that will connect the Lekki Deep Sea Port, the Dangote Petroleum Refinery—Africa’s largest refinery with a capacity of 650,000 barrels per day—and its neighboring fertilizer plant to economic centers across more than a dozen southern states.
“This road is not just an access route—it is a trade lifeline,” said Umahi. “It will streamline the movement of goods from some of our most critical industrial assets to the rest of the country.”
China Exim Bank’s financing underscores Beijing’s ongoing role in funding Nigeria’s infrastructure ambitions. Over the past decade, China has poured billions into Nigeria’s transport and energy sectors, helping to finance major railways, power plants, and roadways across the nation.
With over $5 billion owed to China, the Asian giant remains Nigeria’s largest bilateral creditor, according to data from the Debt Management Office. While this has sparked debate over the country’s rising debt burden, Nigerian officials argue that the investments are necessary for long-term economic transformation.
As Africa’s largest oil producer and most populous country, Nigeria continues to invest heavily in infrastructure to boost domestic production, improve logistics, and reduce dependency on imports.
