UK invests N9.5 billion in Nigeria’s InfraCredit

The UK government, through the Mobilist programme, has invested N9.5 billion in InfraCredit, Nigeria’s first and only domestic credit guarantee institution, supporting its listing on the country’s NASD OTC Securities Exchange.

This investment is part of a N64 billion listing, with InfraCredit raising NGN27 billion in new equity.

This capital infusion was bolstered by a ₦9.5 billion investment from the UK government’s Mobilist programme, which aims to support the development of capital markets in emerging economies.

InfraCredit has been instrumental in reducing investment risks in the infrastructure sector, helping to attract over N264 billion in long-term local currency funding across critical areas such as renewable energy, housing, transportation, logistics, power, telecommunications, and manufacturing.

Through its innovative guarantee model, the company facilitates the development of viable, investment-ready projects. This approach not only strengthens local economies and supports job creation but also contributes to gender inclusion and aligns with Nigeria’s broader sustainable development objectives.

According to a statement issued by the British High Commission on Monday, the UK Deputy High Commissioner in Lagos, Jonny Baxter, described InfraCredit’s growth as a reflection of the value of long-term partnerships.

He noted that the UK’s role, through the Foreign, Commonwealth and Development Office (FCDO), is to support both the establishment and ongoing expansion of the institution.

“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 market while ensuring that the local firms driving these projects can access the capital they need.”

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Similarly, Chinua Azubike, InfraCredit’s chief executive officer, described the development as a significant milestone marking a new phase for the company.

According to the statement, he expressed satisfaction with the trust shown by new domestic institutional investors and the UK Government through the programme.

“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,” he said.