- PIDG, through InfraCo, has exited itsUSD 26 million preference share investmentin InfraCredit Nigeria, achieving a strong return despite challenging market conditions, while retaining its ordinary equity following InfraCredit’s 2025 NASD listing.
- Since partnering with NSIA to establish InfraCredit in 2017, the institution has unlocked ₦327 billion in longterm domestic capital for infrastructure across renewable energy, transport, logistics, and telecoms, supported by PIDG’s board participation and impact frameworks.
- Both organisations reaffirmed their ongoing strategic relationship, with InfraCredit’s CEO noting PIDG’s foundational role in building a now-listed, market-anchored institution, and PIDG emphasising the ability to redeploy capital toward climate and sustainable development in emerging markets.
The Private Infrastructure Development Group (PIDG), through its project development solution, InfraCo has exited its preference share investment in InfraCredit Nigeria for USD 26 million, achieving a strong return despite challenging macroeconomic conditions.
InfraCo continues to hold ordinary shares following InfraCredit Nigeria’s listing on the NASD OTC Securities Exchange in 2025.
PIDG had partnered with the Nigeria Sovereign Investment Authority to establish InfraCredit in 2017 as the first local currency guarantee facility in the world targeting infrastructure in frontier markets.
Philippe Valahu, Chief Executive Officer, PIDG said, “PIDG has demonstrated how to successfully use increasingly scarce capital to unlock domestic institutional finance. InfraCredit’s strong performance serves as a template for how such entities can be built in the future. With this transaction, we can now redeploy our investment for further action on climate and sustainable development in low- and middle-income countries”.
InfraCredit is a specialised institution that provides Naira-denominated guarantees to enhance the credit quality of local currency debt instruments issued to finance infrastructure projects in Nigeria. Since its establishment, it has expanded its guarantee portfolio and enabled domestic investors to participate in infrastructure finance, unlocking ₦327 billion (approximately USD 516 million equivalent, indexed at issuance) from more than 20 institutional investors in sectors including renewable energy, transport, logistics, and telecommunications.
Through this time, PIDG played an active role as an investor, including through representation on InfraCredit’s board and key committees. PIDG also supported the development of InfraCredit’s impact management and HSES frameworks covering important aspects across measurement, gender empowerment and climate, to enable best-in-class projects.
Chinua Azubike, CEO of InfraCredit said, “The completion of PIDG’s preference share investment marks an important milestone in InfraCredit’s development. PIDG has been a foundational partner since inception, supporting InfraCredit through its early stages as we built the institutional strength and market credibility required to become a publicly listed company and operate at scale. As InfraCredit continues to evolve as a more established, market-anchored institution, we value the continuation of this relationship and the role it plays in advancing our long-term mandate.”
The partnership between PIDG and InfraCredit has played a transformational role in Nigeria’s infrastructure finance landscape, making projects more bankable and attracting vital domestic capital.
This association will continue, with future collaborations planned even after PIDG’s exit.
PIDG is an innovative infrastructure project developer and investor which mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and southeast Asia. PIDG investments promote socio-economic development within a just transition to net zero emissions, combat poverty and contribute to the Sustainable Development Goals (SDGs). PIDG delivers its ambition in line with its values of pioneering, partnership, safety, inclusivity, and urgency.
PIDG offers technical assistance for upstream, early-stage activities and concessional capital; invests in early-stage project development and project and corporate equity through its project development solution, InfraCo; its debt solution EAAIF (the Emerging Africa & Asia Infrastructure Fund) is one of the first and more successful blended debt funds in low-income markets; and its guarantees solution, GuarantCo, provides credit enhancement and local currency solutions to de-risk projects.
PIDG also supports a growing portfolio of local credit enhancement facilities, which unlock domestic institutional capital for infrastructure financing.
Since 2002, PIDG has supported 258 infrastructure projects to financial close, which provided an estimated 232 million people with access to new or improved infrastructure. PIDG is funded by the governments of the United Kingdom, the Netherlands, Switzerland, Australia and Sweden, and Global Affairs Canada. www.pidg.org
InfraCredit (www.infracredit.ng) was established in 2017 as a first-of-its-kind ‘AAA’(NG) rated specialised local currency infrastructure credit guarantee institution, created to support long-term local currency infrastructure financing in Nigeria. InfraCredit’s guarantees enhance the credit quality of local currency debt instruments issued to finance eligible infrastructure-related assets. Its guarantees serve as a catalyst to attract long-term domestic institutional capital from pension funds, insurance firms, and other investors, thereby deepening Nigeria’s debt capital markets.
InfraCredit’s investors include the Nigeria Sovereign Investment Authority, KfW Development Bank, Africa Finance Corporation, and African Development Bank, alongside domestic pension funds and insurance firms. As of April 2025, InfraCredit was listed as a public company and admitted to trading on the NASD. It maintains the highest domestic financial strength ratings accorded to any financial institution by Agusto & Co., Global Credit Ratings, and international rating agency, Fitch Ratings.
