Experts: Lagos-Calabar Coastal Road Could Boost Nigeria's GDP to $14 Trillion
Stakeholders across southern Nigeria have identified the proposed Lagos-Calabar Coastal Road as a major economic driver capable of transforming the nation's economy and significantly increasing its Gross Domestic Product (GDP) over the coming decades. At a high-level meeting involving the Development Agenda for Western Nigeria and the BRACED Commission, participants agreed to explore investment opportunities along the 750-kilometre coastal corridor.
The event, held at Cocoa House in Dugbe, Ibadan, brought together representatives from South-West and South-South states, alongside key economic stakeholders, to discuss the project's immense potential.
Massive Economic Potential Identified
Experts at the meeting projected that if properly developed, the Lagos-Calabar Coastal Highway could raise Nigeria's GDP from its current level of under $400 billion to between $1.4 trillion and $14 trillion over the next 50 years. Speaking at the event, Seye Oyeleye described the project as one of the most ambitious infrastructure developments in Nigeria in over six decades.
"The biggest infrastructure programme in the last 65 years in Nigeria, which is the 750-kilometre Lagos-Calabar Coastal Road, requires structured development to avoid the mistakes of the past," he said.
Call for Regional Collaboration
Oyeleye emphasised the importance of collaboration among states along the corridor, including Lagos, Ogun, Ondo and the BRACED states, to fully harness the economic benefits of the project. He explained that coordinated planning would enable the creation of industrial hubs, green zones, and tourism clusters along the route, boosting the Nigerian economy and regional development.
"We must ensure that the mistakes of the past, where states worked in silos and pursued individual interests, are not repeated," he added. He further revealed plans to establish a joint development body to oversee activities along the corridor and ensure proper coordination from the early stages of the project.
Avoiding Unplanned Development
Experts warned that without proper planning and governance, the project risks replicating past infrastructure failures marked by uncoordinated and haphazard development. Delivering a lecture on the economic prospects of the highway, Olawale Opayinka highlighted the importance of preserving the integrity of the corridor.
According to him, the coastal road spans over 700 kilometres and presents opportunities for large-scale development across approximately 700 square kilometres of land. "With our population expected to grow significantly over the next 50 years and our GDP currently at about $400bn, developments along that corridor could create enterprise value ranging from $1.4tn at the lower end to about $14tn at the upper end," he said.
A Path to a Multi-Trillion-Dollar Economy
Opayinka noted that the project could reposition Nigeria as a major global economic player if properly executed. "We are talking about moving the Nigerian economy from under $400bn today to between $1.4tn and $14tn over the next 50 years. This provides an opportunity to build a multi-trillion-dollar economy and position Nigeria among the leading economies in the world," he stated.
However, he warned that failure by states to align their development strategies could undermine the projected gains.
Political Will and Crucial Strategic Planning
Also speaking, Joe Keshi stressed the need for strong political will and coordinated planning among state governments. "This is the beginning of a conversation to ensure that we plan adequately and avoid the haphazard developments that have affected many roads in Nigeria," he said.
Keshi added that while the road itself is significant, the real impact lies in the development that follows. "The road itself is only the beginning; what comes after the road is what will determine its true value to the Nigerian economy," he noted.
Stakeholders Push for Integrated Development
Other stakeholders, including government officials and industry experts, emphasised the need for proper zoning, security, and governance structures along the corridor. They highlighted that collaboration between state governments, the Federal Government, and private sector players would be essential to unlocking the full economic potential of the Lagos-Calabar Coastal Road.
The consensus at the meeting was clear: with careful planning and regional cooperation, this infrastructure project could be a game-changer for Nigeria's economic future, driving growth and prosperity for generations to come.
