In a significant move to bolster economic growth, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) and the Nigerian Export-Import Bank (NEXIM) have signed a landmark Memorandum of Understanding (MoU). This strategic partnership aims to enhance Nigeria’s export credit capacity and investment insurance sector, promoting financial and trade relations, and contributing to sustainable economic development across ICIEC’s member countries.
The agreement was formalized during the Islamic Development Bank (IsDB) Group Annual Meetings 2025 in Algiers, Algeria, by ICIEC’s Chief Executive Officer, Khalid Khalafalla, and NEXIM Bank’s Managing Director and CEO, Abba Bello. This collaboration marks a major step towards strengthening Nigeria’s export credit and investment insurance framework, with both parties committed to exchanging expertise, joint marketing efforts, and developing tailored insurance products for the Nigerian export market.
According to Khalafalla, “This MoU represents a significant milestone in our commitment to supporting the export and investment sectors across our member states.” He emphasized that by collaborating with NEXIM Bank, ICIEC is reinforcing the foundation for increased trade and investment flows while providing enhanced risk mitigation tools for Nigerian exporters.
The partnership also includes capacity-building efforts to support NEXIM’s long-term strategic goals. Abba Bello, CEO of NEXIM Bank, described the agreement as a timely and strategic development for Nigeria’s export sector, stating, “The first agreement will help us boost the capacity of our business exporters without spending our money through credit insurance and credit guarantees. The second one, a $50 million credit line, is to help aid our industrialisation efforts.”
The $50 million credit line, announced alongside the MoU, aims to support Nigeria’s industrialisation drive by providing much-needed liquidity and support for businesses in strategic sectors. This strategic collaboration aligns with ICIEC’s broader mandate to support trade and investment across OIC member countries through innovative Shariah-compliant insurance and reinsurance solutions. Since its inception in 1994, ICIEC has cumulatively insured over $121 billion in trade and investment across various sectors, including infrastructure, healthcare, manufacturing, energy, and agriculture.
As the world’s only Islamic multilateral insurer, ICIEC has maintained a strong financial footing, holding an “Aa3” Insurance Financial Strength Rating from Moody’s for 17 consecutive years and a newly assigned “AA-” long-term Issuer Credit Rating with a Stable Outlook from S&P. Both ICIEC and NEXIM officials are confident that this partnership will not only improve Nigeria’s export competitiveness but also serve as a model for similar collaborations in other developing economies, positioning Nigeria as a stronger player in regional and global trade.
