The financing arrangement for Nigeria’s flagship Lagos-Calabar Coastal Highway project has received international recognition at the 2026 Islamic Development Bank (IsDB) Group Annual Meetings in Baku, Azerbaijan, underscoring growing global confidence in the country’s infrastructure development agenda.
First Abu Dhabi Bank (FAB) emerged winner of the ICIEC Most Impactful Project of the Year Award for its role in securing a $626 million Murabaha financing facility for the Lagos-Calabar Coastal Highway Development Project.
The award was presented by the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the IsDB Group and the world’s only Shariah-compliant multilateral insurer.
According to ICIEC, the financing package was supported by its Non-Honouring of Sovereign Financial Obligations (NHSFO) insurance policy, which covered 95 per cent of the financing provided to Nigeria’s Federal Ministry of Finance. The risk mitigation arrangement helped mobilise long-term capital for one of Nigeria’s most ambitious infrastructure projects, expected to significantly improve transportation, facilitate trade, enhance regional connectivity, and stimulate economic growth along the country’s southern corridor.
The recognition comes as the administration of President Bola Ahmed Tinubu continues to push major infrastructure investments aimed at boosting economic productivity and attracting foreign capital.
Speaking on the significance of the award, ICIEC Chief Executive Officer, Dr. Khalid Khalafalla, described the Lagos-Calabar financing transaction as a landmark achievement that demonstrates the power of innovative Islamic finance and strategic partnerships in supporting development.
“ICIEC is proud to honour First Abu Dhabi Bank, Standard Chartered, and Agrobank for two landmark transactions that demonstrate the impact of Shariah-compliant risk mitigation,” Khalafalla said.
“These awards reflect how strong partnerships can mobilise capital, enable strategic infrastructure, expand access to trade finance, and deliver meaningful development impact across our member states.”
Khalafalla noted that ICIEC’s support for the Lagos-Calabar Coastal Highway highlighted its growing role in de-risking investments and encouraging private-sector participation in large-scale infrastructure projects across member countries.
The event also recognised Standard Chartered Bank, which won the Most Innovative Trade Development Initiative of the Year Award for a €160 million Murabaha facility provided to Agrobank in Uzbekistan under ICIEC’s insurance cover.
The transaction marked Uzbekistan’s first Murabaha financing deal and established a Shariah-compliant framework for future trade and liquidity financing in the country.
Beyond the awards ceremony, policymakers, development finance experts, and representatives of multilateral institutions from Africa, Asia, and the Middle East gathered to discuss strategies for deepening regional integration and fostering sustainable economic growth.
During a high-level forum themed “Regional Integration for Sustainable Prosperity,” speakers emphasised the importance of cross-border infrastructure, trade facilitation, regulatory harmonisation, digital transformation, and stronger institutional cooperation as key drivers of economic resilience.
Experts from the IsDB, the World Bank, the African Development Bank (AfDB), and the Asian Development Bank (ADB) highlighted the need for stronger regional partnerships to address common challenges, including supply-chain disruptions, economic uncertainty, and climate-related risks.
Participants also examined the findings of the IsDB Regional Integration Index, which provides member countries with analytical tools to guide policy decisions, prioritise investments, and strengthen regional cooperation frameworks.
ICIEC disclosed that it has insured more than $138 billion in trade aeverydayngr.netnd investment transactions since commencing operations in 1994. The corporation currently serves 51 member states and maintains one of the highest credit ratings in the political risk insurance industry, including an Aa3 rating from Moody’s and an AA- rating from S&P Global Ratings.
The international recognition of the Lagos-Calabar Coastal Highway financing is expected to further strengthen investor confidence in Nigeria’s infrastructure sector and reinforce efforts to attract sustainable financing for critical development projects.
