Olohundare Jimoh, the commissioner of police in Lagos, has directed the deployment of personnel across the state ahead of the LG elections set for July 12.

Benjamin Hundeyin, the police spokesperson in Lagos, said in a statement on Wednesday that the commissioner gave the order to ensure the election proceeds without any disruptions.

Hundeyin also announced that vehicle movement would be restricted statewide from 3am to 3pm on Saturday. The restriction applies to both road and water transport.

“Elaborate security arrangements and comprehensive security measures have been put in place to ensure security, safety, and peaceful and orderly conduct of the LG elections,” the statement reads.

“Police escorts covered number plates, and the use of sirens at or in the vicinity of polling units and collation centres are prohibited.”

He stated that the police would be working alongside other bodies under the inter-agency consultative committee on election security (ICCES).

He noted that only vehicles designated for essential services, such as ambulances, fire trucks, and patrol vans of ICCES security agencies, would be allowed on the roads.

“All other vehicles, including those belonging to any quasi-security outfit and state security agencies, are barred from movement, as no state-owned security agency is authorised to participate in the election security operations, in line with the electoral act,” Hundeyin said.

He explained that medical personnel on emergency duty, LASIEC-accredited officials, election observers, and journalists cleared by the electoral body are not affected by the restriction.

“These categories of groups and individuals are permitted to carry out their lawful duties during the election period, provided they adhere to all the relevant guidelines and regulations in the electoral act,” he said.

He emphasized that only those wearing official LASIEC accreditation tags would be allowed near polling areas.

“No one without the identification tag will be allowed to take part in the election,” he said.

“Anyone arrested without an identification tag will be investigated and prosecuted in line with the Electoral Act.”

Nigeria has obtained a $747 million syndicated loan to fund phase 1, section 1 of the Lagos-Calabar coastal highway.

In a statement issued on Wednesday, Mohammed Manga, director of information and public relations at the ministry of finance, said the loan will finance the 47.47-kilometre stretch from Victoria Island to Eleko Village in Lagos.

Manga described the financing as the largest syndicated road infrastructure loan of its kind in Nigeria, reflecting strong international investor confidence in the country’s reform path and infrastructure agenda.

Deutsche Bank served as global coordinator, initial mandated lead arranger, and bookrunner, and participated in the syndicate alongside other regional and global financial institutions.

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) offered partial political and commercial risk insurance.

According to Manga, the syndicate includes development finance institutions, export credit agencies, and international commercial banks. Notably, First Abu Dhabi Bank acted as Agent across all facilities and Intercreditor Agent. Other participating institutions included the African Export-Import Bank, the Abu Dhabi Exports Office (ADEX), the ECOWAS Bank for Investment and Development (EBID), Nexent Bank N.V. (formerly Credit Europe Bank N.V.), and Zenith Bank via its UK, Paris, and Nigeria offices.

The project is structured as an “EPC+F” contract awarded to Hitech Construction Company, a leading Nigerian infrastructure firm.

The arrangement reflects a public-private partnership, integrating technical delivery with financing to expedite implementation and attract further private investment in priority infrastructure.

Construction on phase 1, section 1 is already over 70 percent complete.

The highway is being built using “Continuously Reinforced Concrete Pavement (CRCP)”, designed for a lifespan of at least 50 years with minimal maintenance, ensuring durability and cost-efficiency.

The project has undergone comprehensive technical, legal, environmental, and social assessments to meet high international standards.

The Lagos-Calabar Coastal Highway is expected to serve as a vital logistics and trade corridor, improving regional integration, promoting tourism, lowering transport costs, and creating jobs. A tolling framework is being finalised to support long-term operations and financial sustainability.

Funding for subsequent phases is in progress, with considerable interest from both regional and international investors.

Manga said this significant development reflects renewed engagement from global financial institutions with Nigeria, driven by bold economic reforms and a focus on delivering viable, transformative projects.

‘Transaction signals to investors maturity of Nigerian market’

Wale Edun, minister of finance and coordinating minister of the economy, said the loan agreement reflects the progress of Nigeria’s macroeconomic reforms and the return of international capital to support development.

He said the government remains committed to funding infrastructure through “sustainable, transparent, and transformative” methods, calling the transaction a practical example of this vision.

Edun said, “The closing of this market-defining financing is yet another testament to Mr President’s commitment to accelerate the participation of the private sector in infrastructure financing and development.”

He added that the deal confirms Nigeria’s readiness for full adoption of public-private partnerships in infrastructure development and operations.

David Umahi, minister of works, called the deal a strong endorsement of Nigeria’s reform agenda and emphasized the national importance of the Lagos-Calabar highway.

Dany Abboud, managing director of Hitech Construction Company Limited, said, “With over 70% of Phase 1 Section 1 complete, we are showing that Nigerian engineering—backed by structured international finance—can meet global standards.”

Abboud highlighted the benefits of using “CRCP technology” for its superior durability and cost-effectiveness.

Khalid Khalafalla, chief executive officer of ICIEC, also expressed satisfaction in partnering with the Nigerian government and other financiers to deliver the project.

Khalafalla said, “Through ICIEC’s sovereign risk coverage solution, we are unlocking vital infrastructure that will ease congestion, stimulate regional trade, and drive inclusive economic growth.”

He added that the project would generate employment, enhance local expertise, and support small and medium-sized enterprises, demonstrating ICIEC’s commitment to sustainable development and shared prosperity across West Africa.

Nigeria’s foreign exchange reserves are projected to reach $41 billion by the end of the year, slightly higher than the 2024 figure, as the naira continues to strengthen, according to CardinalStone’s mid-year outlook.

The expected increase in reserves is linked to the federal government’s plan to raise $3.2 billion in the second half of the year to address certain fiscal needs. Potential inflows from portfolio investors are also anticipated to support this outlook.

“These proposed external borrowings, alongside other anticipated inflows, will likely boost the FX reserves to $41.00 billion by year-end, compared to $37.27 billion as of H1’25,” the Lagos-based research and investment firm stated in its report.

A stronger external reserve position is seen as a positive for the naira, with the firm projecting the local currency to stay within the N1,550.00 — N1,635.00 per dollar range through the end of 2025.

So far this year, Nigeria’s FX reserves have dropped by over $3.5 billion as the central bank settled around $2 billion in external obligations and continued to inject dollars into the market to sustain liquidity and stabilize the naira amid global challenges.

CardinalStone Research analysts noted that external pressures—including instability in the Middle East and new tariffs introduced by US President Donald Trump—have driven $22.83 billion in FX outflows, as investors pivot to US Treasuries and Gold.

This situation has prompted the central bank to implement a “discretionary FX framework”, resulting in the sale of $4.72 billion to counteract market distortions.

The report highlighted that the CBN’s average monthly FX intervention stood at $786.58 million, significantly below the pre-COVID average of $2.30 billion and the post-COVID level of $1.38 billion, both of which were previously used to support the naira despite broader macroeconomic weaknesses.

To control inflation, attract foreign investment, and boost the naira’s value, monetary authorities have maintained key interest rates for two consecutive sessions after increasing lending rates by a total of 875 basis points to 27.5 percent.

The analysts foresee an additional 50 to 100 basis point adjustment before the year concludes, potentially easing the burden on businesses affected by high borrowing costs.

The combination of tighter monetary policy, improved FX reserves, and more effective FX management is gradually restoring investor confidence, which had declined during previous episodes of currency instability.

Nonetheless, the forecast remains vulnerable to shifts in global oil prices, the level of portfolio investments, and how quickly fiscal consolidation efforts advance. Disruptions in these areas could negatively affect both reserves and currency stability.