ICIEC and NEXIM Sign MoU to Enhance Export Credit and Investment Support

In a significant development for international trade and economic cooperation, the Islamic Corporation for the Insurance of Investment and Export Credit (ICIEC), a member of the Islamic Development Bank (IsDB) Group, has formalized a strategic alliance with the Nigerian Export-Import Bank (NEXIM). The partnership was cemented through the signing of a Memorandum of Understanding (MoU) during the 2025 IsDB Group Annual Meetings held in Algiers, Algeria.

High-Level Ceremony Marks Strategic Accord

The signing ceremony, a highlight of the annual meetings, was attended by top-level executives and dignitaries from both institutions. Dr. Khalid Khalafalla, Chief Executive Officer of ICIEC, and Mr. Abba Bello, Managing Director and Chief Executive Officer of NEXIM Bank, led the proceedings, marking the beginning of a multi-dimensional collaboration aimed at bolstering the export and investment insurance framework in Nigeria and across other ICIEC member states.

Scope and Objectives of the MoU

This MoU outlines a strategic framework that will foster deep cooperation in areas critical to trade and investment development. Key objectives include:

• Expanding Export Credit Support: The agreement will promote joint initiatives to develop and distribute tailored export credit and investment insurance solutions to Nigerian exporters.

• Strengthening Risk Mitigation Mechanisms: ICIEC will provide its globally recognized Shariah-compliant insurance tools to mitigate risks associated with international trade and investment.

• Capacity Building and Knowledge Exchange: The partnership places strong emphasis on developing institutional capacity at NEXIM through training, joint research, and exchange of best practices.

• Joint Marketing and Product Development: Both entities will collaborate on marketing campaigns and the creation of customized financial instruments suited to the needs of exporters and investors.

• Enhancing Regional and Global Reach: With NEXIM’s recent admission into the AMAN Union—an association of export credit agencies in the Organisation of Islamic Cooperation (OIC)—the partnership is poised to expand its influence within and beyond the OIC member states.

Leadership Remarks on the Collaboration

Speaking on the occasion, Dr. Khalid Khalafalla emphasized the transformative potential of the partnership:

“This MoU represents a significant milestone in our commitment to supporting the export and investment sectors across our member states. 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.”

Mr. Abba Bello, Managing Director and CEO of NEXIM Bank, also shared his perspective on the new alliance:

“Our partnership with ICIEC is timely and strategic, reflecting our dedication to building stronger trade relations and financial resilience. With ICIEC’s support, we can scale our offerings and better serve Nigerian businesses aiming to access regional and global markets. This will not only boost our export economy but also contribute meaningfully to sustainable development.”

Driving Sustainable Development Through Trade

The collaboration aligns closely with ICIEC’s overarching goal of fostering sustainable economic growth through innovative insurance and reinsurance mechanisms. It also supports the shared mission of both institutions to strengthen financial infrastructure, promote inclusive economic development, and enhance the competitiveness of businesses operating within the Islamic world and beyond.

With this partnership, ICIEC and NEXIM are set to redefine the trade and investment landscape by providing businesses with the tools they need to thrive in an increasingly complex global economy. The move is expected to stimulate job creation, improve export performance, and elevate Nigeria’s standing in global trade.