Baku: 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 to one of the country's significant transport infrastructure projects. The agreement was finalized during the IsDB Group 2026 Annual Meetings held in Baku, Azerbaijan.

According to African Press Organization, the transaction is secured by ICIEC's Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favor of First Abu Dhabi Bank as the policyholder, with Nigeria's Federal Ministry of Finance as the borrower. The policy offers 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 involvement is crucial in facilitating access to long-term international financing, ensuring the successful execution of this landmark infrastructure project.

The Lagos-Calabar Coastal Highway Project is a vital part of Nigeria's infrastructure development plan. Once completed, the project will significantly enhance regional integration and mobility, allowing efficient movement of goods and people across Nigeria's coastal regions. This improvement is expected to boost economic activity, reduce logistics costs, and strengthen supply chains.

Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, stated that through this transaction, ICIEC is showcasing the practical value of Shariah-compliant risk mitigation in promoting large-scale development projects. The organization's support aims to increase lender confidence, mobilize long-term financing, and enable Nigeria to advance with this essential infrastructure investment, which will enhance connectivity and support socioeconomic progress.