ICIEC Issues USD100 Million Insurance Policy to SMBC Aimed at Boosting Nigeria’s Export Financing

ICIEC signed a Bank Master Policy (BMP) with Sumitomo Mitsui Banking Corporation (SMBC). Under the agreement, ICIEC provided insurance cover for SMBC’s USD100 million participation in a structured finance facility ultimately extended to a Nigerian energy company. The ICIEC’s BMP safeguards SMBC against non payment risk arising from the company’s failure to deliver under its contractual obligations thereby de risking the transaction.

The facility aligns with ICIEC’s mandate to promote trade among member states by mitigating credit and political risks for international financial institutions. It also supports Nigeria’s broader strategy to leverage its natural energy resources to drive sustainable economic growth and attract long term capital.