ICIEC Backs Lagos-Calabar Highway with $466m Insurance Coverage

By Faridat Yusuf

The Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has announced its support for the Lagos-Calabar Coastal Highway project through a $466 million Islamic financing plan aimed at improving Nigeria’s infrastructure.

According to a statement, the financer will provide a Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance coverage for the financing, which was extended by Deutsche Bank and the First Abu Dhabi Bank to Nigeria.

The 700-kilometre highway is one of Nigeria’s biggest road projects, and is expected to enhance transportation, trade, and tourism along the coastal regions. It will also open up business opportunities and create jobs for Nigerians as it will pass across multiple towns like Lekki, Ijebu Ode, Ore, Warri, Port Harcourt, and eventually Calabar.

Speaking on the development, the chief executive of ICIEC, Mr Khalid Khalafalla, said the project aligns with the company’s goal of supporting member countries with projects that encourage economic growth and development.

“This project exemplifies how Islamic finance, combined with robust risk mitigation, can drive transformative and inclusive development. ICIEC’s insurance support ensures investor confidence, paving the way for Nigeria to build the resilient infrastructure it needs to thrive economically, socially, and environmentally.

“We are proud to contribute to a project that reflects our mission and our unwavering commitment to the Sustainable Development Goals,” he said.

The projects is expected to contribute to Nigeria’s economic transportation , connecting several states and providing a faster , safer route between the country’s southwest and southeast region .