By Emmanuel Enebeli
ALGIERS/Algeria: In a landmark move aimed at strengthening Nigeria’s trade and investment landscape, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC) has entered into a strategic partnership with the Nigerian Export-Import Bank (NEXIM). The agreement, formalised through the signing of a Memorandum of Understanding (MoU) during the Islamic Development Bank (IsDB) Group Annual Meetings 2025 in Algiers, is expected to enhance export credit and investment insurance mechanisms in Nigeria.
The ceremony, which brought together top executives from both institutions, was led by Dr. Khalid Khalafalla, CEO of ICIEC, and Mr. Abba Bello, Managing Director and CEO of NEXIM Bank. The MoU outlines a comprehensive framework for collaboration, with emphasis on the exchange of technical expertise, joint marketing efforts, and the creation of customised financial products targeted at boosting Nigeria’s export and investment sectors.
“This MoU represents a significant milestone in our commitment to supporting the export and investment sectors across our member states,” said Dr. Khalafalla. “By collaborating with NEXIM Bank, we are reinforcing the foundation for increased trade and investment flows, while providing enhanced risk mitigation tools for Nigerian exporters.”
Under the terms of the agreement, both institutions will pursue capacity-building initiatives to strengthen institutional competencies and ensure long-term impact. The partnership also positions NEXIM to better leverage its resources in meeting Nigeria’s ambitious export promotion goals, with ICIEC providing the technical and risk support needed to expand operations and coverage.
As part of the new collaboration, NEXIM has also joined the AMAN Union, a network of export credit and investment insurers within the Organisation of Islamic Cooperation (OIC). This affiliation is expected to broaden NEXIM’s access to a global community of similar institutions, facilitating knowledge sharing and cooperative ventures.
The partnership signals a renewed focus on enhancing Nigeria’s competitiveness in international trade through the provision of shariah-compliant, innovative insurance solutions, and risk mitigation frameworks tailored to the unique needs of exporters and investors in the region.
This development marks a significant step in ICIEC’s broader mission to support sustainable economic growth and intra-OIC trade among its member countries, while also advancing Nigeria’s aspiration to become a leading export-driven economy.
