Lagos-Calabar Coastal Road Could Boost Nigeria’s GDP to $14tn – Experts

Stakeholders and economic experts have identified the proposed Lagos-Calabar Coastal Road as a transformative project capable of significantly boosting Nigeria’s economy over the coming decades.

Speaking at a high-level meeting involving the Development Agenda for Western Nigeria (DAWN) and the BRACED Commission, participants agreed to explore investment opportunities along the 750-kilometre coastal corridor. The event, held at Cocoa House in Ibadan, brought together representatives from South-West and South-South states, as well as key economic stakeholders.

Experts at the meeting projected that, if properly developed, the highway could raise Nigeria’s Gross Domestic Product (GDP) from its current level of under $400 billion to between $1.4 trillion and $14 trillion within the next 50 years.

Seye Oyeleye, who spoke at the event, described the project as one of the most ambitious infrastructure developments in Nigeria in over six decades. He stressed the need for structured planning to avoid past mistakes associated with major infrastructure projects.

Oyeleye also highlighted the importance of collaboration among states along the corridor, including Lagos, Ogun, Ondo, and the BRACED states. According to him, coordinated efforts would enable the development of industrial hubs, green zones, and tourism clusters, thereby driving economic growth and regional integration.

He further revealed plans to establish a joint development body to oversee activities along the corridor and ensure proper coordination from the early stages.

Experts, however, warned that without proper governance and planning, the project could suffer from uncoordinated and haphazard development, similar to past infrastructure failures.

Delivering a lecture on the project’s economic prospects, Olawale Opayinka noted that the coastal road spans over 700 kilometres and offers vast opportunities for large-scale development across approximately 700 square kilometres of land.

He explained that with Nigeria’s growing population and current GDP of about $400 billion, development along the corridor could generate enterprise value ranging from $1.4 trillion to as much as $14 trillion over the next five decades.

Opayinka added that successful execution of the project could reposition Nigeria as a major global economic player, creating a pathway to a multi-trillion-dollar economy. However, he cautioned that lack of alignment among states could undermine the expected gains.

Also speaking, Joe Keshi emphasised the need for strong political will and coordinated planning. He noted that while the road itself is important, its true value lies in the economic activities and developments that will follow.

Other stakeholders, including government officials and industry experts, stressed the need for proper zoning, security, and governance structures along the corridor. They agreed that collaboration between state governments, the Federal Government, and private sector players would be critical to unlocking the full economic potential of the Lagos-Calabar Coastal Road.