Construction of the Lagos-Calabar coastline highway is expected to boost Nigeria's economy to $14 trillion, says specialist.

The Development Agenda for Western Nigeria and the BRACED Commission have come together to explore investment opportunities along the 750-kilometre Lagos-Calabar Coastal Road, with the goal of harnessing its economic potential to increase Nigeria's Gross Domestic Product.

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This collaboration involves states including Bayelsa, Rivers, Akwa Ibom, Cross River, and Edo, and is aimed at avoiding past mistakes and creating a structured development plan for the project, which could serve as a game changer for Nigeria's economy over the next 50 years.

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A recent programme held at the DAWN Commission's corporate head office in Ibadan brought together representatives from South-West states and other stakeholders to discuss the project's potential, with participants noting that proper harnessing of the road's opportunities could increase Nigeria's GDP to between $1.4tn and $14tn.

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Seye Oyeleye, Director-General of the DAWN Commission, emphasized the need for collaboration among states to create industrial, green, and tourism zones, stating that the commission convened stakeholders to plan how to maximize the economic benefits of the road and avoid repeating past mistakes.

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Oyeleye stressed that the 750-kilometre Lagos-Calabar Coastal Road, the biggest infrastructure programme in Nigeria in the last 65 years, requires structured development to unlock its full potential and become a catalyst for development in southern Nigeria.

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The DAWN Commission's think tank brought together critical states, including the BRACED Commission, which covers South-South states, to discuss the project's potential and the need for coordinated development to maximize its economic benefits.

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Oyeleye warned against repeating past mistakes associated with uncoordinated development, citing examples of coastal roads in other parts of the world that have become major catalysts for development, and emphasized the importance of planning before the road's completion.

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The Director-General noted that discussions are already underway on collaborative efforts between Lagos, Ogun, and Ondo states to create industrial zones, green zones, and tourism zones, with the goal of establishing a joint body to supervise development along the corridor.

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Olalaye Opayinka, Managing Director and CEO of Makaya Consult, delivered a lecture on unlocking the economic potentials of the Lagos-Calabar Coastal Highway, emphasizing the importance of preserving the corridor's integrity and ensuring coordinated development to prevent haphazard growth.

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Opayinka projected that the coastal road could significantly increase Nigeria's GDP over the next five decades, from $400bn to between $1.4tn and $14tn, but stressed that this can only be achieved if states work together and collaborate on development plans.

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The lecture highlighted the potential for the project to transform Nigeria's economic outlook, with Opayinka stating that the projected values can only be realized if states collaborate and work towards a common goal of maximizing the road's economic benefits.

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Director-General of the BRACED Commission, Joe Keshi, also emphasized the need for coordinated planning, citing examples of well-planned coastal roads in other parts of the world, and stressed the importance of political will among state governments to ensure the project's success.

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Keshi noted that the road itself is only the beginning, and that what comes after its completion is what will determine its impact on the Nigerian economy, emphasizing the need for governors to develop the political will to understand the project's potential as a game-changer for southern states.

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Other speakers, including Commissioners for Physical Planning and Urban Development in Ogun, Ondo, and Lagos states, emphasized the need for collaboration to ensure effective economic planning and proper zoning, security, and governance structures.

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Stakeholders, including representatives from the Nigerian Investment Promotion Commission and Odu'a Investment Company Limited, also stressed the importance of synergy among states, the Federal Government, and relevant agencies to unlock the full economic potential of the Lagos-Calabar Coastal Highway.