Lagos State is the chief commercial and financial center of Nigeria, however, the state’s productivity is threatened by an inadequate transportation system to cater to its dense population of over 22 million people, heavy traffic, and associated carbon pollution.
Udo Udoma & Belo-Osagie is delighted to have advised International Finance Corporation (“IFC”) on its sustainable loan of the Naira equivalent of USD 50 million to the Lagos State Government for financing the development, construction, and rehabilitation of two Quality Bus Corridors totaling 8 kilometers to be implemented by Lagos Metropolitan Area Transport Authority. In line with sustainable development goals, this impact investment aims to provide a sustainable transportation system in the megacity, ease the pressure on road traffic, and drastically reduce carbon emissions. The transaction also marks IFC’s first financing to a sub-national in Nigeria as part of its objective to achieve sustainable growth in developing countries.
The team was led by partners Nicholas Okafor, Yinka Edu, Onyinye Okafor, Joseph Odianosen Eimunjeze and included Victor Samuel, Pamela Onah, Chisom Okolie and Maryam Salami.