– Labelled Sukuk positioned as the next frontier for sustainable finance in MSsSunday Okobi in Baku, AzerbaijanThe 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 (IsDB), has declared its support for the financing of the Lagos–Calabar Coastal Highway-Phase II in Nigeria, thereby 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 Islamic Development Bank (IsDB) Group 2026 Annual Meetings in Baku, Azerbaijan.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, according to ICIEC, provides 95 percent 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 stated its 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 of President Bola Tinubu’s government.
