Country
Nigeria
Sector
Transport Infrastructure
Intelligence Type
Project
Status / Stage
Financing
Estimated Value
USD Originally: ₦844 billion Later estimates: US$2.2–2.5 billion
Confidence
Highly Confirmed
Latest Development
Project Details
Project TypePublic-Private Partnership (PPP)
Project OwnerLagos State Government
Project SponsorLagos State Government
Main ContractorCCECC–CRCCIG Consortium (Preferred Concessionaire)
Project DeveloperLagos State Office of Public-Private Partnerships (PPP Office)
Financing InstitutionUnder negotiation (Africa Finance Corporation, Access Bank and J.P. Morgan have been associated with financing discussions)
Current PhaseFinancing
Funding StatusUnfunded
Key Issues / Risks
Delayed financial close, rising project costs, inflation, foreign exchange volatility, PPP financing risks
Latest Development (Detail)
Project remains stalled as of August 2026 despite N220.73m year-to-date budget expenditure in 2026. Construction has not commenced. PPP financing structure and concession arrangement remain unresolved. The $1.35 billion deal signed with Afreximbank and Access Bank in 2023 has not yet translated into construction commencement.
Commercial Opportunity
Significant downstream construction and supply chain opportunities are expected once financing is secured and construction begins.
Procurement & Contract Outlook
Procurement / Contract OpportunityLow (preferred bidder already selected; major procurement is expected after financial close)
Expected Next MilestoneAchievement of financial close. Execution of concession financing agreements. Contractor mobilization. Commencement of physical construction. ()
Commercial Opportunity Intelligence
Financing / Capital OpportunityHigh
Potential BeneficiariesConstruction, engineering, cement, steel, logistics, heavy equipment, banking, insurance, environmental services.
Opportunity SignalHigh
Commercial ReadinessDeveloping
Source & Verification Trail
Last VerifiedAug, 2026