BAKU, Azerbaijan, June 19. The Islamic
Corporation for the Insurance of Investment and Export Credit
(ICIEC), a Shariah-based multilateral credit and political risk
insurer and member of the Islamic Development Bank Group, is
pleased to announce its support for the financing of the
Lagos–Calabar Coastal Highway – Phase II in Nigeria, committing a
total insured amount of USD 626 million in support of one of the
country's most strategically significant transport infrastructure
projects. The agreement was signed on the sidelines of the IsDB
Group 2026 Annual Meetings, held in Baku, Azerbaijan, from 16 to 19
June 2026.


The transaction is backed by ICIEC's Non-Honouring of Sovereign
Financial Obligations (NHSFO) insurance policy, structured in
favour of First Abu Dhabi Bank 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.”