From Victor Osula, Abuja
The Senate, on Wednesday, approved President Bola Tinubu’s request to obtain a $516 million syndicated loan facility from Deutsche Bank AG for the construction of critical sections of the proposed Sokoto–Badagry Superhighway.
The approval was granted during plenary presided over by the Senate President, Godswill Akpabio, following the consideration of the presidential request for external financing to support the execution of Sections 1, 1A and 1B of the ambitious highway project.
The Senate’s approval came barely 24 hours after the House of Representatives also cleared the $516,333,007 syndicated financing facility sought by the Federal Government for the same project.
The request formed part of a letter earlier transmitted to the National Assembly by President Tinubu and read during plenary sessions in both chambers of the legislature.
In the correspondence, the president explained that the financing arrangement from Deutsche Bank was necessary for the implementation of key portions of the superhighway project, which the administration considers strategic to national economic integration and infrastructure expansion.
“Approval is sought for the syndicated financing facility from Deutsche Bank in the total sum of $516,333,007 for the execution of Sections 1, 1A and 1B of the Sokoto–Badagry Superhighway Project”, the president stated in the letter.
During deliberations at plenary, senators underscored the economic and developmental significance of the project, noting that improved transportation infrastructure remains critical to national growth, trade facilitation and regional connectivity.
Lawmakers also highlighted the strategic importance of the proposed highway in linking major commercial, agricultural and industrial corridors across the country while easing the movement of goods and passengers.
The proposed 1,000-kilometre Sokoto–Badagry Superhighway will stretch from Illela in Sokoto State to Badagry in Lagos State, traversing Sokoto, Kebbi, Niger, Kwara, Oyo, Ogun and Lagos states.
The high-capacity road corridor is expected to become one of the largest highway infrastructure projects in Nigeria upon completion, with the Federal Government projecting that it will significantly reduce travel time and improve interstate transportation
Government officials have consistently described the project as a transformative economic corridor aimed at strengthening regional integration, supporting agricultural supply chains and boosting commercial activities between northern and southern Nigeria.
Stakeholders in the transport, logistics and construction sectors say the superhighway could unlock major economic opportunities for communities located along the route by attracting investments, improving access to markets and stimulating industrial development.
Analysts also believe the project could improve cargo movement, support export activities, and reduce pressure on existing federal highways, which are burdened by heavy traffic and deteriorating infrastructure.
The project is expected to create thousands of direct and indirect jobs during construction, while supporting broader economic activities linked to trade, manufacturing, agriculture and services.
Wednesday’s approval by the Senate represents another significant legislative milestone for the project and clears the way effectively for the Federal Government to conclude financing arrangements with Deutsche Bank and associated syndicate partners.
The Tinubu administration has repeatedly maintained that large-scale infrastructure investment remains central to its economic reform agenda, with emphasis on modernising transport systems, improving connectivity and driving long-term national development.
