ICD And NEXIM Bank Sign USD 50 Million Line Of Financing Mandate At 2026 ISDB Group Annual Meetings In Baku
Baku, Republic of Azerbaijan – The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group, and the Nigerian Export-Import Bank have signed a Line of financing facility of up to USD 50 million to support export-oriented businesses and projects in Nigeria.
The landmark agreement was signed on the sidelines of the 51st IsDB Group Annual Meetings 2026 in **Baku, marking another significant milestone in the long-standing partnership between the two institutions aimed at strengthening Nigeria's export sector and promoting sustainable economic development.
Under the facility, ICD will provide a non-interest Line of Financing of up to USD 50 million in favour of NEXIM Bank. The financing is expected to expand access to ethical and Shariah-compliant funding for export-oriented enterprises, enabling businesses to scale operations, improve competitiveness, create jobs, and contribute to Nigeria's economic diversification agenda.
The agreement was signed by the Managing Director and Chief Executive Officer of NEXIM Bank, Abubakar Abba Bello, and the Acting General Manager, Banking Department of ICD, Mohammed Asheque Moyeed.
Speaking after the signing ceremony, both institutions reaffirmed their commitment to fostering stronger collaboration in support of private sector development and expanding access to innovative, non-interest financing solutions across ICD member countries.
The facility is expected to play a strategic role in supporting Nigeria's non-oil export sector by providing much-needed financing for businesses engaged in export production and value addition. By enhancing access to long-term funding, the partnership will help strengthen the capacity of Nigerian exporters, stimulate industrial growth, encourage foreign exchange earnings, and promote inclusive economic development.
The signing also reinforces the shared vision of ICD and NEXIM Bank to deepen the adoption of non-interest finance as a viable instrument for economic transformation while supporting the growth of the private sector across Africa.
This partnership further aligns with the overarching theme of the 2026 IsDB Group Annual Meetings—leveraging multilateral partnerships to drive sustainable and inclusive economic prosperity. It further demonstrates the commitment of both institutions to mobilising development finance that delivers measurable economic and social impact for member countries.
With this latest collaboration, NEXIM Bank continues to strengthen strategic partnerships with leading international development finance institutions to expand financing opportunities for Nigerian exporters and accelerate the country's export-led industrialisation and economic diversification objectives.
