*The British High Commission says the UK Government鈥檚 MOBILIST programme NGN9.5 billion investment in InfraCredit is a 鈥榗atalytic investment鈥� to support Nigeria in mobilising more domestic capital towards sustainable infrastructure development and the West African country鈥檚 energy transition鈥�

Isola Moses | 绿帽献妻

The United Kingdom (UK) Government鈥檚 MOBILIST programme is investing NGN9.5 billion ($6 million) in InfraCredit as Nigeria鈥檚 first and only domestic creditor guarantor, in support of the company鈥檚 listing on the West African country鈥檚 NASD OTC Exchange Plc (NASD).

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

Onyinye Madu, Senior Press and Public Affairs Officer at the British High Commission, Abuja, FCT, who disclosed this development in a statement issued Monday, April 14, 2025, noted the UK is using catalytic investment to support Nigeria in mobilising more domestic capital towards sustainable infrastructure development and the country鈥檚 energy transition.

The statement also noted that the Nigerian Government estimated that over $2.3 trillion in investment would be needed between 2021 and 2043 to close the country鈥檚 enormous infrastructure gap, but the long-term capital needed is not available in the local banking market.

The Senior Press and Public Affairs Officer at the British High Commission stated: 鈥淚nfraCredit 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.

鈥淭hese guarantees attract Nigerian institutional investors 鈥� like pension funds and insurance firms 鈥� and enable them to invest in instruments used to finance infrastructure projects.鈥�

It is further noted that InfraCredit has used guarantees to secure an infrastructure project pipeline of over NGN750 billion ($500 million).

However, through listing on the NASD with MOBILIST鈥檚 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鈥檚 investment will also support InfraCredit鈥檚 green growth strategy to transition its portfolio toward greater investment in renewable energy sources, the statement said.

Meanwhile, as part of its growth ambitions, InfraCredit will explore a listing on the Nigerian Exchange (NGX) Limited.

MOBILIST previously, had 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鈥檚 continued commitment to supporting Nigeria in developing its capital market.

InfraCredit success highlights power, impact of enduring partnerships: British Envoy Baxter

Speaking on the development, the statement noted Mr. Jonny Baxter, British Deputy High Commissioner, in Lagos, said: 鈥淚nfraCredit鈥檚 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.

鈥淭his transaction illustrates the potential of public markets to mobilise domestic capital at scale. 鈥�

Baxter stated: 鈥淏y 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.鈥�

Commenting also, Mr. Chinua Azubike, Chief Executive Officer (CEO) of InfraCredit said: 鈥淭his moment marks the beginning of a new chapter for InfraCredit.

鈥淲e 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.鈥�

Azubike noted: 鈥淭his reflects our ambition to build a deeper, more inclusive capital market for domestic resources that accelerate infrastructure delivery in Nigeria in line with our mission to unlock long-term local currency infrastructure finance.

鈥淏y 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.鈥�

The statement further noted that 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).

A flagship UK government programme, MOBILIST supports investment solutions that help deliver the climate transition and the United Nation鈥檚 Global Goals in developing economies. MOBILIST focuses on mobilising institutional capital to spur new scalable and replicable financial products. MOBILIST invests capital, delivers technical assistance, conducts research and builds partnerships to catalyse investment in new listed products.聽 www.mobilistglobal.com.

The Foreign, Commonwealth & Development Office (FCDO) also pursues the UK鈥檚 national interests and projects the UK as a force for good in the world.

鈥淲e promote the interests of British citizens, safeguard the UK鈥檚 security, defend our values, reduce poverty and tackle global challenges with our international partners,鈥� the statement noted.

Whereas the Private Infrastructure Development Group (PIDG) is described as an innovative infrastructure project developer and investor that mobilises private investment in sustainable and inclusive infrastructure in sub-Saharan Africa and south and south-east 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).

The Group 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; its project development arm 鈥� which includes InfraCo Africa and InfraCo Asia 鈥� invests in early-stage project development and project and corporate equity.

Its credit solutions include EAAIF (the Emerging Africa & Asia Infrastructure Fund), one of the first and more successful blended debt fund in low-income markets; GuarantCo, its guarantee arm that provides credit enhancement and local currency solutions to de-risk projects; and a growing portfolio of local credit enhancement facilities, which unlocks domestic institutional capital for infrastructure financing.

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