The United Kingdom has announced an investment of $6 million towards unlocking domestic capital for Nigeria’s infrastructure development and energy transition. The investment was made through its MOBILIST programme to support the listing of InfraCredit on the NASD OTC Exchange Plc.
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.
A statement by InfraCredit said the investment 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. This is as Nigeria faces an estimated infrastructure investment requirement of over $2.3 trillion between 2021 and 2043, according to government projections.
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, Chinua Azubike, emphasised 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.”
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