FRI JUNE 19 2026-theGBJournal| The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), has announced its support for the financing of the Lagos–Calabar Coastal Highway – Phase II in Nigeria, committing a total insured amount of USD 626 million.
The support agreement was signed on the sidelines of the IsDB Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19 June 2026.
The Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, noted in a statement that the transaction is backed by its Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favour of First Abu Dhabi Bank (FAB) as the policyholder, with the Federal Ministry of Finance of Nigeria acting as the borrower.
The policy provides 95% coverage across two tranches: USD 276 million with a 7-year tenor, and USD 350 million with a 9-year tenor.
By mitigating sovereign risk, ICIEC’s participation plays a critical role in facilitating access to long term international financing and ensuring the successful implementation of this landmark infrastructure project.
The Lagos–Calabar Coastal Highway Project is a key component of Nigeria’s broader infrastructure development agenda.
Upon completion, the project will significantly enhance regional integration and mobility, enabling more efficient movement of goods and people across the country’s coastal regions, thereby catalysing economic activity, reducing logistics costs, and strengthening supply chains.
Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, said: “Through this transaction, ICIEC is demonstrating the practical value of Shariah-compliant risk mitigation in advancing large-scale development projects.
Our support helps bolster lender confidence, mobilise long-term financing, and enable Nigeria to move forward with this strategic infrastructure investment that will strengthen connectivity and support socioeconomic progress.”
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