Student Accommod8, Nigeria’s leading developer, owner, and manager of high-quality and Purpose-Built Student Accommodation (PBSA), has raised an undisclosed amount of debt funding from the Nigeria Infrastructure Debt Fund (NIDF). The debt financing is being used for expansion of SA8’s two existing PBSAs, serving Pan Atlantic University and Olabisi Onabanjo University. These PBSAs have been designed, built and managed to the highest standards, providing value added services including minimarts, cafeterias, laundry services and many more to not only the residents but also to the wider student community in the respective universities.

In the last decade, there has been a 12% annual average growth of student enrolment in Nigerian tertiary institutions however the provision of purpose-built student accommodation is less than 30% of the demand.  Student Accommod8 has been able to work hand-in-hand with all stakeholders to start bridging the infrastructure deficit in purpose-built student accommodation by providing clean, safe and amenity filled hostels on and off campus targeted at various universities. With the ever-growing demand for student housing in Nigeria, Student Accommod8 plans to develop and/or acquire 15,000 bedspaces in the next 3-5 years.

One of the major issues faced by PBSA developers, like players in all other infrastructure sectors, is the lack of long-term financing to support projects that are capital and asset-intensive. NIDF, with its ability to provide long-term (ten years or even longer) funds, is an ideal financing partner for infrastructure developers in Nigeria. Availability of Naira-denominated financing with the tenors that match the underlying cash flows, is the critical factor that determines whether or not a commercially viable project can become a reality.

Nigeria Infrastructure Debt Fund, managed by Chapel Hill Denham, is Africa’s and Nigeria’s first listed infrastructure debt fund. The fund is structured to enable domestic long-term savings such as pension and retirement assets to be safely channeled into productive infrastructure assets in the country. While supporting commercially attractive projects, NIDF enables its investors to benefit from the predictable returns available from long-dated infrastructure debt investments.

Commenting on the transaction, Abayomi Onasanya, Founder/CEO of Student Accommod8 said:

“We are very excited to have a partner in the caliber of NIDF come on board and we look forward to a long and mutually beneficial relationship which will impact the lives of Nigerian students positively. Our goal is simply to continuously deliver the best experience for students across the country. Nigeria’s students are the future and we intend to serve them the best way possible.”

Anshul Rai, CEO, Nigeria Infrastructure Deft Fund said:

“Financing of social infrastructure, particularly in education and healthcare, is central to NIDF’s investment objective as well as our broader mission to drive positive development outcomes. SA8 is operating in a sector with substantial unmet demand and its PBSAs will contribute to meaningful improvement in student welfare.”

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Research carried out by Prof Aina (Obafemi Awolowo University) for Student Accommod8 has shown the shortage of high-quality accommodation in universities has an adverse effect on a student’s academic performance and general wellbeing. The PBSA sector in Nigeria remains untapped and a highly attractive market which continues to offer favourable supply and demand dynamics.

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About Student Accommod8: Student Accommod8 develops and operates Purpose Built Student Accommodation (PBSA) that provides an affordable and secure environment focused on providing a quality home and community experience for all students to meet their academic potential in Nigeria and West Africa.

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Student Accommod8 hostels are strategically placed close to universities or within the university’s campus and each hostel comes equipped with all the necessary facilities every student needs to feel at home away from home. For more information, visit

About Nigeria Infrastructure Debt Fund: The Chapel Hill Denham Nigeria Infrastructure Debt Fund (“NIDF” or “the Fund”) is the first listed infrastructure debt fund in Nigeria and Sub-Saharan Africa. NIDF is a close-ended fund, domiciled in Nigeria and denominated in Naira. The Fund is structured to enable investors access infrastructure asset class, while providing benefits of predictable returns available from long-dated infrastructure debt investments. For more information, please visit

Editor’s Note: This is a sponsored content.


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