The United Kingdom has announced a catalytic investment of N9.5 billion ($6 million) through its MOBILIST programme to support the listing of InfraCredit on the NASD OTC Exchange Plc.
This marks a significant step toward unlocking domestic capital for Nigeria’s infrastructure development and energy transition.
The total listing by InfraCredit, Nigeria’s first and only domestic credit guarantor, is valued at N64 billion ($41 million).
The company successfully raised NGN27 billion ($17.7 million) in new equity as part of the transaction.
The investment from MOBILIST will further enable InfraCredit to expand its guarantee capacity and support a broader pipeline of infrastructure projects across the country.
Nigeria’s infrastructure gap
Nigeria faces an estimated infrastructure investment requirement of over $2.3 trillion between 2021 and 2043, according to government projections.
However, local banks often lack the long-term capital required to fund such large-scale projects.
InfraCredit addresses this gap by offering Naira-denominated guarantees that enhance the creditworthiness of infrastructure debt instruments, thereby attracting investment from Nigerian institutional investors such as pension funds and insurance companies.
- To date, InfraCredit has used its guarantees to secure a project pipeline worth over N750 billion ($500 million).
- The new listing, supported by MOBILIST, marks a turning point for the company as it now draws direct equity investment from two Nigerian pension funds.
- This move is expected to significantly scale its impact and increase the flow of domestic capital into sustainable infrastructure.
- The investment will also support InfraCredit’s green growth strategy, aimed at transitioning its portfolio towards renewable energy sources.
Listing on NGX
Additionally, InfraCredit has announced plans to explore a future listing on the Nigerian Exchange (NGX), where the UK government has also partnered to enable sustainable capital mobilisation aligned with the UN Sustainable Development Goals (SDGs).
Speaking on the development, Mr. Jonny Baxter, British Deputy High Commissioner in Lagos, noted:
“InfraCredit’s success highlights the power and impact of long-term partnerships, and the UK via the Foreign Commonwealth and Development Office (FCDO) is proud to have played a key role in not just the creation of InfraCredit through the Private Infrastructure Development Group (PIDG), but its continued growth. This transaction illustrates the potential of public markets to mobilise domestic capital at scale.”
InfraCredit’s CEO, Mr. Chinua Azubike, emphasized the significance of the company’s public market debut:
“This moment marks the beginning of a new chapter for InfraCredit… Our transition to a listed public company reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria.”
What you should know
Founded in 2017 by GuarantCo (a PIDG company) and the Nigerian Sovereign Investment Authority (NSIA), InfraCredit was created to deepen Nigeria’s domestic debt capital markets.
The model has since been replicated in other countries such as Pakistan (InfraZamin) and Kenya (Dhamana).
The company has also established strategic partnerships with UK-based institutions, including British International Investment (BII) and Financial Sector Deepening Africa (FSDA).
