Sharia-based investment firm commits $626 million to Lagos-Calabar coastal highway

The Islamic Corporation for the Insurance of Investment and Export Credit has announced a total insured amount of $626 million for the financing of the Lagos–Calabar coastal highway, Phase II.
The ICIEC, a Shariah-based multilateral credit and political risk insurer and member of the Islamic Development Bank Group, made the announcement in a statement on Friday.
It stated that an agreement was signed on the sidelines of the IsDB Group 2026 annual meeting in Baku, Azerbaijan, from June 16 to 19, 2026.
“The ICIEC is to support the financing of the Lagos–Calabar coastal highway – Phase II in Nigeria. It is committing a total insured amount of $626 million in support of one of the country’s most strategically significant transport infrastructure projects,” the statement read.
“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,” it added.
According to ICIEC, the transaction is backed by its 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: $276 million with a seven-year tenor, and $350 million with a nine-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 Chief Executive Officer of ICIEC, Khalid Khalafalla, 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.”
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette

Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices

Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”

States
NCAC, Enugu to host NAFEST 2026
NCAC is collaborating with the Enugu government to host the 2026 National Festival of Arts and Culture to promote national unity and cultural diversity.

Anti-Corruption
Latest list of U.S.-based Nigerian lawyers suspended for fraud, mishandling client money, misrepresentation
Ginikanwa Okedi was indefinitely suspended for mishandling client money or trust accounts, dishonest behaviour, fraud, and misrepresentation.

NationWide
Shettima to address UNGA on Thursday
Nigeria will address the UN General Assembly on Thursday afternoon, with Vice-President Kashim Shettima delivering the country’s national statement for the third consecutive year.

Economy
NUPRC, Indonesia open talks on oil investments as Pertamina eyes 2026 licensing round
NUPRC has opened discussions with Indonesia on petroleum investments, and Indonesian national oil company Pertamina has expressed interest in Nigeria’s 2026 licensing round.

Agriculture
Weather Alert: NiMet warns of strong winds as thunderstorms, rain sweep Nigeria
The Nigerian Meteorological Agency (NiMet) has forecast thunderstorms and rainfall across several parts of Nigeria from Monday to Wednesday.

Rights
NSCDC suspends three more officers over mass killing of Niger miners
The Nigeria Security and Civil Defence Corps has suspended three more officers and ordered three days of half-mast to mourn miners who died in its custody.





