ICIEC has supported the financing of the Lagos–Calabar Coastal Highway – Phase II in Nigeria, a strategic transport infrastructure project aimed at enhancing connectivity and driving long-term socioeconomic development across the country.

The transaction is backed by ICIEC’s NonHonouring of Sovereign Financial Obligations (NHSFO) policy, issued on 1 January 2026, 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, with insured amounts of USD 276 million and USD 350 million, and tenors of 7 years and 9 years, respectively.

The financing will support the construction of Section II of the Lagos–Calabar Coastal Highway, a key component of Nigeria’s broader infrastructure development agenda. The project is expected to significantly contribute to sustainable national development by enhancing regional integration and mobility, enabling more efficient movement of goods and people across coastal regions.

ICIEC’s participation in the transaction plays a critical role in facilitating access to financing by mitigating sovereign risk, thereby supporting the successful implementation of this important strategic infrastructure project.

The Lagos–Calabar Coastal Highway Project is expected to generate meaningful development impact, particularly through improved connectivity and its contribution to long-term socioeconomic progress. The project aligns with key United Nations Sustainable Development Goals, including SDG 8 (Decent Work and Economic Growth), SDG 9 (Industry, Innovation and Infrastructure), and SDG 11 (Sustainable Cities and Communities).

This transaction reflects ICIEC’s continued commitment to supporting high-impact infrastructure projects and promoting sustainable development across its Member States.