MOBILIST’s exit represents the biggest trade in InfraCredit’s shares since its listing by introduction on Nigeria’s NASD OTC Exchange Plc (NASD) in April this year.

The transaction enabled five domestic institutional investors, pension funds and insurers, to take up shareholding in InfraCredit. Four of these funds did not participate in the initial listing.

InfraCredit is Nigeria’s first and only domestic creditor guarantor, issuing Naira-denominated guarantees that help to mitigate risk for investors and improve the creditworthiness of Nigerian infrastructure debt instruments.

These guarantees enable Nigerian institutional investors to invest in instruments used to finance infrastructure projects.

The UK’s Foreign, Commonwealth, & Development Office (FCDO), through MOBILIST, invested NGN9.5 billion ($6 million) in Infracredit’s listing, which saw the company raise a total of ₦27 billion (US$17.7 million) after attracting investment from two local pension funds.

The listing broadened InfraCredit’s domestic institutional shareholder base and gave the company access to new sources of capital, expanding its capacity to provide guarantees for new infrastructure projects.

The secondary sale of MOBILIST’s shares extends this impact, offering liquidity to untapped buyers who are natural long-term private sector equity holders but who did not participate at the initial point of listing.

Following the secondary sale, Nigerian pension funds will collectively own more than 27% of InfraCredit’s ordinary equity, reinforcing domestic institutional ownership and governance of a strategically important financial institution, alongside the public sector capital (including the UK) which remains invested in the company.

Mr Jonny Baxter, British Deputy High Commissioner (Lagos), said:

“The UK consistently prioritises transformational investments that unlock commercial markets. InfraCredit is one such example, an indigenous guarantee platform which is now attracting Nigerian institutional investors. To date, InfraCredit has facilitated over ₦300 billion in financing, valued at more than $500 million equivalent indexed at issuance, in support of infrastructure development across Nigeria. We’re excited to see this momentum continue to grow, driven increasingly by domestic capital and delivering strong returns to Nigerian investors. A win-win where more infrastructure is built to support Nigerian businesses, and more value returned to Nigerian stakeholders.”

Mr Chinua Azubike, the CEO of InfraCredit, said:

“This secondary transaction is a proud milestone for InfraCredit and for Nigeria’s financial markets. It reinforces our long-term ownership vision that catalytic foreign investment can pave the way for sustained domestic institutional participation at scale. We are delighted to welcome four new Nigerian pension funds to our ownership base, a reflection of deepened market confidence and the growing role of local investors in financing Nigeria’s sustainable future.”

Mr Ross Ferguson, MOBILIST programme lead within FCDO, said:

“MOBILIST’s investment in InfraCredit proved the potential of using public markets to mobilise private – and importantly – local investment in sectors driving sustainable development and growth. The programme’s exit only reinforces this potential and highlights how innovative development finance can generate impact beyond an initial investment by contributing to the creation of deeper, more liquid capital markets while recycling capital for future investments.”

InfraCredit has also benefited from technical assistance, and catalytic investments facilitated by MOBILIST, Financial Sector Deepening Africa (FSDA), British International Investments (BII), the Private Infrastructure Development Group (PIDG), and FCDO-Nigeria.

These contributions have played a critical role in de-risking local investments and mobilising domestic institutional capital towards green infrastructure projects.

The UK remains committed to partnering with Nigeria to develop its local capital markets, including through MOBILIST’s continued partnership with the Nigerian Exchange (NGX) to enable greater investment toward sustainable development through listed products.

The programme remains open to applications for technical assistance and catalytic equity investment toward initial public offerings (IPOs) and the development of new listed products.

The funding vehicle is wholly owned by Elektron Energy Development Strategies Limited (“Elektron”), a leading energy infrastructure development group based in Nigeria.

The Series I Bond, guaranteed by Infrastructure Credit Guarantee Company Plc (InfraCredit), which is rated “AAA” by both Agusto & Co. and Global Credit Rating Company (GCR), received approval from the Securities and Exchange Commission (SEC).

This bond issuance marks Elektron’s debut in the Nigerian debt capital markets and was well received by a broad base of institutional investors, reflecting strong confidence in Elektron’s infrastructure delivery capabilities.

Proceeds from the bond will be deployed towards the development of the embedded independent Power Project being developed by Victoria Island Power Limited (VIPL), a wholly owned subsidiary of Elektron Power Infracom (EPI), a subsidiary of Elektron.

The Power Project is a 30MW gas-fired embedded generation plant located in Victoria Island, Lagos — Nigeria’s foremost commercial and financial hub.

The project features three high-efficiency 10MW reciprocating gas engines from Wartsila, and a 12.6km dedicated electricity distribution network that will supply power directly to the Victoria Island commercial district. While the distribution network is substantially complete, construction of the generation plant has commenced and is scheduled for commercial operations in 2026.

The project is a model for de-centralised energy delivery in urban settings, designed to deliver dependable electricity to businesses in one of Nigeria’s most economically critical zones.

 “We are especially grateful to InfraCredit for its unwavering support, and to our bondholders for their trust in our vision” remarked Tola Talabi, MD and co-CEO at Elektron Energy. “Their involvement reflects a shared belief in Elektron’s capacity to deliver sustainable energy infrastructure projects.”

The VI Power Project is being implemented in partnership with the Eko Electricity Distribution Company Plc and backed by capital from InfraCredit, ARM-Harith Infrastructure Fund, Nigeria Sovereign Investment Authority, Bank of Industry, FBNQuest Merchant Bank Limited, and Stanbic IBTC Infrastructure Fund.

The Bond Issuance was led by Vetiva Advisory Services Limited and Anchoria Advisory Services Limited as Lead Issuing Houses, with CardinalStone Partners Limited, ARM Capital Partners, FBNQuest Merchant Bank Limited, and Iron Global Markets Limited acting as Joint Issuing Houses. Custodian Trustees Limited served as Trustee, while legal advisory was provided by Detail Commercial Solicitors and Templars.

The bonds were rated by Agusto & Co. and Global Credit Rating Company (GCR).

Elektron remains steadfast in its mission to drive the emergence of a regional energy grid based on cleaner gas and renewable resources.

Finance: UK Launches £100 million MOBILIST Funding to Unlock Investments

The total listing is valued at NGN 64 billion ($41 million), with InfraCredit raising NGN 27 billion ($17.7 million) in new equity.

The Nigerian government has estimated that over $2.3 trillion in investment will be needed between 2021 and 2043 to close the country’s enormous infrastructure gap, but the long-term capital needed is not available in the local banking market.

InfraCredit helps to overcome this challenge by issuing Naira-denominated guarantees that help to mitigate risk for investors and improve the creditworthiness of Nigerian infrastructure debt instruments.

These guarantees attract Nigerian institutional investors – like pension funds and insurance firms – and enable them to invest in instruments used to finance infrastructure projects.

InfraCredit has used guarantees to secure an infrastructure project pipeline of over NGN750bn ($500 million).

However, through listing on the NASD with MOBILIST’s backing, it has now attracted direct equity investment from two pension funds, which will enable it to expand its capacity to extend even more guarantees for new projects.

MOBILIST ’s investment will also support InfraCredit’s green growth strategy to transition its portfolio toward greater investment in renewable energy sources.

As part of its growth ambitions, InfraCredit will explore a listing on the Nigerian Exchange (NGX). MOBILIST previously announced a partnership with NGX to enable greater investment toward achieving the United Nations Sustainable Development Goals (SDGs) through listed products.

This partnership forms part of the UK’s continued commitment to supporting Nigeria in developing its capital market.

Mr. Jonny Baxter, British Deputy High Commissioner in Lagos, commented: 

“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.  By listing with the backing of MOBILIST, InfraCredit will enable local institutional investors to benefit from the growth opportunities presented by sustainable infrastructure development in their own market while ensuring that the local firms driving these projects can access the capital they need.” 

Mr. Chinua Azubike, InfraCredit CEO, commented:

“This moment marks the beginning of a new chapter for InfraCredit. We are pleased with the confidence reposed in us by our new domestic institutional investor shareholders alongside the UK Government through MOBILIST, and our transition to a listed public company with access to equity capital markets. This reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerates infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance. By broadening our ownership and adhering to public market standards, InfraCredit aims to create long-term impact by strengthening investor confidence as a trusted catalyst for sustainable infrastructure finance as we navigate the pathway to growth and scale.”

InfraCredit was established in 2017 by GuarantCo, a Private Infrastructure Development Group (PIDG) company, and the Nigerian Sovereign Investment Authority (NSIA) to deepen domestic debt capital markets for infrastructure finance and unlock long-term infrastructure financing in Nigeria.

It was the first of several such entities in other countries, including InfraZamin in Pakistan and Dhamana in Kenya.

InfraCo Africa, another PIDG company, became an investor in 2020. InfraCredit has since put in place financing partnerships with UK entities British International Investment (BII) and Financial Sector Deepening Africa (FSDA).

In 2021, sustainable bonds surged past $1 trillion in assets under management (AUM)—a win for climate-conscious investors and impact-driven financiers back then. 

However, gender bonds, which directly target economic empowerment for half of the world’s population, are still a rounding error in global capital flows.

Women own 30% of registered businesses in Africa but receive less than 10% of commercial bank financing. Meanwhile, female-led funds are statistically proven to outperform the male-led, yet the investment gap stubbornly continues. 

The irony? The very financial sector that prides itself on numbers is seemingly ignoring some of the most obvious ones.

Hence, the Gender Bonds Toolkit Dissemination Workshop, held on 27th and 28th January 2025 at the Radisson Blu Anchorage Hotel in Lagos sought to address these issues. 

Hosted by FSD Africa in partnership with UN Women, the event assembled financial sector stakeholders to discuss how gender bonds could finally become a mainstream instrument in Africa’s capital markets.

Gender Bonds Toolkit: Experts Call for Inclusive Finance as Only 6% SDGs on Track for 2030

With panel sessions and a fireside chat, the Gender Bonds Toolkit Dissemination Workshop touched on the challenges, opportunities, and strategies required to close the gender financing gap.

Including regulatory frameworks and investor engagement, the discussions revealed a mix of cautious positivity and hard-hitting facts about why capital markets remain sluggish in embracing gender finance—and what needs to change.

These challenges formed the foundation for deep discussions at the workshop, starting with an in-depth look at the Nigerian market.

Thematic Bonds in Nigeria: Market Insights and Opportunities

Panel: Exploring the Opportunity for Thematic Bonds in Nigeria

The discussion kicked off with an overview of Nigeria’s dynamic capital market, where thematic bonds—especially green and gender bonds—are gaining interest. Experts from Renaissance Capital Africa, Cygnum Capital Group, Securities and Investment Services Department (SEC Nigeria) and London Stock Exchange Group (LSEG) delivered insights into the regulatory sector and the role of financial institutions in driving sustainable investment.

Key Takeaways:

• Financial institutions have so far led thematic bond issuance, leveraging development finance institutions (DFIs) and impact investors.
• Nigeria’s SEC has been indispensable in establishing frameworks for green, social, and gender bonds, ensuring compliance with global standards to attract investors.
• Sovereign and corporate issuances in Nigeria, including green sukuks—a new climate finance instrument (green Islamic bond) that has the potential to channel the $2 trillion Islamic Finance market to fund green and sustainable investment projects—and gender-focused programs reveal the country’s growing participation in the sustainable finance ecosystem.
• Challenges remain in investor awareness and ensuring sustained adoption of gender bonds beyond donor-driven incentives.

Alternative Capital Mobilization: Structures, Impact & Lessons Learned

Fireside Chat: Scaling Gender Bonds through Innovative Financial Structures

At the Gender Bonds Toolkit Dissemination Workshop, Panellists from InfraCredit, Aruwa Capital Management, and Symbiotics discussed alternative funding models for gender bonds, emphasizing private capital mobilization and blended finance structures.

Key Takeaways:

• Women-led funds are three times more likely to invest in female CEOs and twice as likely to fund female founders.
• Aruwa Capital has deployed $40 million in assets under management (AUM), with 70% of its portfolio comprising female-led businesses.
• Infracredit’s blended facility has unlocked financing for clean energy projects, benefiting communities without electricity.
• Microfinance institutions (MFIs) are important in gender-focused investing, often serving 100% female clients, showing a clear business case for gender bonds.

From Strategy to Issuance: Strengthening Gender Finance Ecosystems

Panel: Defining Gender Goals, Data Quality & Investor Engagement

This session examined how institutions are structuring gender bonds, focusing on data-driven strategies, investor confidence, and regulatory compliance. Panelists from Access Bank, Absa, and the West African Development Bank (BOAD) shared best practices.

Key Takeaways:

• Access Bank’s “W Initiative” has driven financial inclusion through targeted women-focused banking programs.
• Absa has mobilized $350 million to support women-owned businesses and is leveraging UN Women’s Women Empowerment Principles (WEPs) to shape its gender strategy.
• BOAD’s gender strategy follows a three-pillar approach: (1) Institutionalizing gender in financial planning, (2) Economic empowerment, and (3) Job creation and market access.
• Gender data is necessary: Accurate disaggregation of financial data allows institutions to track the real impact of gender-focused investments.

Lessons from Issuers: Challenges, Innovations & Future Prospects

Panel: Insights from an Issuer’s Perspective

Issuers shared first-hand experiences on scaling through the bond market, engaging investors, and overcoming regulatory limitations. The session featured representatives from FSD Africa, BII (British International Investment), and private-sector issuers.

Key Takeaways:

• Gender bonds require “sweeteners”: Partial or full guarantees, blended financing, and development finance institution (DFI) backing have been essential in securing investor confidence and ensuring successful issuances.
• Credit rating challenges persist: Many issuers struggle with low credit ratings, making it difficult to attract institutional investors without guarantees or risk mitigation mechanisms.
• Investor education is key: While thematic bonds are gaining interest, many local investors still prioritise traditional instruments. Awareness campaigns and engagement strategies are important to promoting demand.
• Thematic bond structuring must ensure targeted impact: Funds raised must be transparently allocated to gender-inclusive businesses and female entrepreneurs, avoiding the risk of “gender-washing.”
• Local currency issuances are essential for market development: Issuing gender bonds in local currency can help mitigate foreign exchange risks and attract domestic investors.

Scaling Up Gender Bonds: The Road Ahead

Panel: Telling the Impact narrative – Impact monitoring and reporting simplified

This session focused on how financial institutions, regulatory bodies, and development organisations can scale gender bonds as a mainstream financing tool in Africa. Key discussions included insights from the London Stock Exchange’s Sustainable Bond Market, African Development Bank (AfDB), and Nigeria’s SEC.

Key Takeaways:

• The London Stock Exchange’s Sustainable Bond Market (SBM) provides a credible listing platform for green, social, and gender bonds. Annual due diligence ensures transparency and credibility, reducing the risk of misallocated funds.
• Multilateral institutions like AfDB play important roles by providing technical assistance, first-loss guarantees, and de-risking mechanisms to encourage more issuances.
• Investor participation needs to expand beyond DFIs: Encouraging local institutional investors, pension funds, and asset managers to integrate gender bonds into their portfolios will be critical to long-term market growth.
• Regulatory clarity and incentives can drive adoption: Policymakers must ensure that frameworks are in place to support issuers while incentivising investors to prioritise gender-focused investments.
• Blended finance and public-private partnerships (PPPs) can accelerate adoption: Combining concessional financing from DFIs with private sector capital can help scale gender bond issuances and create a more sustainable market.

Finally: A Sustainable Future for Gender Finance

The Gender Bonds Toolkit Dissemination Workshop reiterated the need for a well-structured approach to scaling gender bonds in Nigeria and Africa. While there are still challenges—ranging from regulatory issues to investor reluctance—there is an obvious momentum in the market.

Gender bonds go beyond impacting investment tools, they are viable financial instruments that can drive inclusive economic growth. 

With continued collaboration among financial institutions, regulators, and development partners, gender bonds can transition from a niche product to a mainstream funding mechanism, bringing about billions in capital for women-led enterprises and gender-inclusive projects across Africa.

The key to success lies in regulatory support, strong market education, investor engagement, and innovative financing structures. In embedding gender finance into mainstream capital market strategies, Nigeria and Africa can fully leverage sustainable finance to drive economic empowerment and financial inclusion.

The Second-Niger Bridge project is a 1.6km bridge in the South-Eastern part of Nigeria connecting Asaba to Onitsha.

The Lagos-Ibadan Expressway project – LIE – is a 127.6 km-long expressway cutting through Lagos, Ogun, and Oyo States which is over 90% to completion, while, the Abuja-Kaduna-Zaria-Kano Road (AKR) is a 375.9 km highway that connects the north of Nigeria to other parts of the country.

It is a revised project.

Aminu Umar Sadiq, the managing director of the Nigeria Sovereign Investment Authority, noted this in Abuja in the course of the public presentation of NSIA’s the 2023 financial earnings.

The NIF in 2023, pivoted to a thematic approach to investing, prioritizing trends and long-term growth potential across five strategic thematic areas: Transport and Logistics; Industrialisation; Services; Technology and Innovation; as well as Climate and Sustainability.

NSIA continued to maintain its status as the premier public sector institution that develops, executes and invests in complex infrastructure projects through its activities in NIF and other Governmental mandates.

Aminu said the investment is targeted at boosting the country’s domestic infrastructure and boosting economic viability.

The NSIA projects also  includes “completed and commissioning of  the 10MW solar project in Kano and the corresponding interconnection and distribution infrastructure, “ launching  the NSIA Advanced Medical Service Ltd (MedServe) after successfully operationalising 3 proof-of-concept centers.

Initiation of  its Healthcare Expansion Programme through MedServe aiming to establish 23 diagnostic centers, 7 catheterisation labs, and 3 oncology centers across Nigeria’s six geopolitical zones and the Federal Capital Territory in two phases. Construction of the first 10 centers is scheduled to commence in Q1 2024.

It also Created a US$500 million Renewables Investment Platform for Limitless Energy (RIPLE) to promote the development, investment, and operation of renewable energy projects across the entire value chain.

In collaboration with Vitol, established Carbon Vista, for investments in carbon reduction and avoidance projects. While collaborating with InfraCredit to develop an innovative construction finance warehouse facility to unlock long-term domestic capital to finance greenfield climate infrastructure projects in Nigeria.

NSIA launched a US$15 million Joint Preparatory Facility with Afreximbank, and commenced the development of a 10,000-seater Arena in collaboration with Metrowave Sports and Infrastructure Limited (MSIL), providing a dedicated venue for sporting events, concerts, conferences, exhibitions, and other events. NSIA also aim at exploring strategic partnerships to scale the program in 2024 (NPI 2.0).

Aminu stated further that “The NSIA’s impact on domestic investments has created real-time jobs and contributed to ease of doing business”.

Subsequently, by creating a more attractive investment environment, the NSIA is effectively leveraging its resources to attract significant additional capital for critical projects.

According to him,

“Already, the NSIA has made investments in over 50 per cent of locally owned and operated private equity funds. This targeted support strengthens the local financial ecosystem and empowers homegrown businesses to contribute to national development,”

He acknowledged key factors affecting investments both domestically and internationally, including tightening global monetary policy, China’s economic slowdown, the 2023 United States Banking crisis, Nigeria’s political transition, and persistently high inflation.

Established by the NSIA Act, which was signed into law in May 2011, the Nigeria Sovereign Investment Authority (“NSIA” or “The Authority”) is an investment institution of the Federation set up to manage funds in excess of budgeted hydrocarbon revenues.

Its mission also includes playing a leading role in driving sustained economic development, enhancing the development of Nigeria’s infrastructure, providing stabilization support in times of economic stress.

According to the Audited result for the 2023 financial year, NSIA recorded for the  11 consecutive years, continuous positive earnings with a cumulative annual growth rate of 11  7.3%.

It Net Assets grew 119% to ₦2.22 trillion in Dec-23 (Dec-22: ₦1.02 trillion).

NSIA’s Total Operating Income increased from ₦101.1 billion in the previous year to ₦1.18 trillion, inclusive of foreign exchange gains during the period.

This significant rise was attributed to the positive performance of the equities and fixed-income portfolios, as well as the positive performance of NSIA’s infrastructure investments.

The Total Comprehensive Income closed at ₦1.18 trillion for 2023, a growth of 1,122% relative to ₦96.96 billion in 2022.

NSIA’s core Total Comprehensive Income (excluding foreign exchange gains) rose from ₦21.39 billion in the previous year to ₦164.69 billion, marking a 670% increase attributable to the Authority’s robust strategic asset allocation and adherence to best-in-class enterprise risk management processes.

However, as at the time of filling this report, our correspondent is yet to receive a response from the inquiry sent to the Nigeria Sovereignty investment Authority (NSIA), requesting breakdown and further analysis of each of the projects of which the some of N571bn was invested.

This investment, representing 5% of InfraCredit’s total share capital, reiterates the vision of AIICO Insurance in enhancing a long-term partnership and addressing Nigeria’s infrastructure deficit.

The investment of AIICO’s equity capital facilitates InfraCredit’s paid-in capital base to a commendable $175.14 million (N148.55 billion), a move set to significantly boost the institution’s guarantee issuing capacity to N742.77 billion ($875.7 million). This initiative fortifies InfraCredit’s ‘AAA’ credit rating and also diversifies its ownership structure, aligning with the institution’s vision.

Established in 1963, AIICO Insurance stands as one of Nigeria’s largest life insurers and a key underwriter for general insurance premiums. CEO of AIICO Insurance, Babatunde Fajemirokun, pointed to the investment’s enthusiasm, emphasising the company’s dedication to bridging the infrastructure gap in Nigeria. 

He cited AIICO’s previous investments in InfraCredit guaranteed bonds and participation in innovative financing arrangements, marking this move as an evolution of a long-term partnership.

Welcoming AIICO as the second private domestic institutional investor, Sanjeev Gupta, Chairman of the InfraCredit Board of Directors, highlighted the essence of private sector involvement in attracting capital for sustainable infrastructure financing. He noted that this investment marks a significant turning point for InfraCredit and a milestone in increasing private sector participation in the ownership structure.

Chinua Azubike, the CEO of InfraCredit, noted the admission of AIICO Insurance as a shareholder, characterising it as a reinforcement of confidence in InfraCredit’s unique business model. He highlighted the importance of AIICO’s equity investment in strengthening core capital and expanding guarantee capacity, facilitating the attraction of domestic credit from various institutional investors.

This collaboration contributes to the advancement of sustainable finance for impactful infrastructure projects in Nigeria. It is a stimulator for increased private sector involvement in infrastructure development, aligning with the broader vision of attracting capital for Nigeria’s critical infrastructure needs.

FSD Africa Investments (FSDAi), in collaboration with InfraCredit, have invested £10m into a first-of-its-kind risk-sharing backstop facility, designed to unlock local currency funding for sustainable infrastructure development in Nigeria.

The Risk Sharing Backstop Facility (RSBF) will address the challenge of low credit enhancement by mobilising local institutional investment via bonds into viable early-stage or green-field climate-aligned infrastructure projects. 

By increasing the accessibility of finance for the “climate-aligned” infrastructure projects, the facility will help Nigeria accelerate her social and economic development, green economic transition as well as deliver on its climate goals.

Backed by the UK International Development through the Foreign, Commonwealth and Development Office (FCDO), FSDAi is pleased to be undertaking this £10m investment in partnership with InfraCredit – an established player in the sustainable infrastructure financing space.

InfraCredit’s current investments and project pipeline demonstrates the breadth and variety of projects this facility will support, with projects ranging from distributed renewable energy services for urban residences, to commercial and industrial renewable projects, edge-certified green housing and e-mobility infrastructure.

The RSBF will raise funding in series, initially from FSDAi, and eventually from other funders – aiming to reach a total capital base of up to US$50m.

This investment therefore aligns with one of FSD Africa’s primary objectives – developing capital markets by tackling blockages in the system.  

James Cleverly, UK Foreign Secretary, said:

“This investment further demonstrates the UK’s commitment and contribution to Nigeria’s transition to clean energy and builds on decades of UK leadership in mobilising support for climate-related infrastructure challenges. 

“Just like the successes of British International Investment (BII) and our Private Infrastructure Development Group (PIDG), I am optimistic that InfraCredit will continue to grow and mobilise even more private sector capital to invest in better, greener infrastructure.”

Anne-Marie, Chief Investment Officer, FSD Africa Investments, FSD Africa, said: 

“FSDAi’s partnership with InfraCredit on the bridge-to-bond facility introduces a derisking financing solution to mobilize short and medium-term local institutional investment into critically needed infrastructure projects that are currently considered un-bankable without alternative credit enhancement.

“Moreover, as Africa’s economies struggle to mobilise capital to develop key climate mitigation and sustainable power generation projects, this facility comes as a timely and much-needed intervention for Nigeria’s infrastructure landscape.’’

Chinua Azubike, Chief Executive Officer, InfraCredit, said:  

“I am delighted to work with FSD Africa Investments on an innovative facility which will support much needed but underfinanced projects realise their ultimate goals and purpose.

“Smart use of catalytic capital can dramatically increase the role of private capital and local intermediaries in investing in Nigeria’s sustainable infrastructure space and help the country develop responses to the significant challenges which confront it from the deteriorating environment and ecology to an unstable energy mix and severe social inequality.”