ICIEC backs USD 626 million Lagos–Calabar Coastal Highway financing

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) 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-Honoring of Sovereign Financial Obligations (NHSFO) insurance policy, structured in favor 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 catalyzing 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, mobilize long-term financing, and enable Nigeria to move forward with this strategic infrastructure investment that will strengthen connectivity and support socioeconomic progress.”