- The UK government’s MOBILIST programme invests ₦9.5 billion ($6 million) in InfraCredit to support its listing on Nigeria’s NASD OTC Exchange.
- The investment aims to unlock long-term domestic capital for Nigeria’s infrastructure projects and support the country’s energy transition goals.
In a significant push to scale up Nigeria’s infrastructure financing, the United Kingdom’s MOBILIST programme has invested ₦9.5 billion ($6 million) in InfraCredit, Nigeria’s leading domestic credit guarantor.
The investment supports InfraCredit’s ₦64 billion ($41 million) listing on the NASD OTC Exchange, marking a major milestone in attracting long-term local capital into the infrastructure space.
InfraCredit successfully raised ₦27 billion ($17.7 million) in new equity through the listing, which now includes direct investment from two Nigerian pension funds. This milestone marks a significant achievement in mobilising domestic capital for infrastructure projects in a country facing an estimated $2.3 trillion infrastructure investment gap between 2021 and 2043.
InfraCredit, established in 2017 by GuarantCo (a Private Infrastructure Development Group entity) and the Nigerian Sovereign Investment Authority (NSIA), helps unlock financing for critical infrastructure by offering Naira-denominated guarantees. These guarantees improve creditworthiness, mitigate risk for investors, and enable pension funds and insurers to finance long-term projects.
In addition, Nigeria’s infrastructure deficit is estimated to require over $2.3 trillion in investment by 2043. However, the local banking sector lacks the long-term capital needed. Through MOBILIST’s catalytic funding and support for InfraCredit’s public listing, the UK enables institutional investors to plug this gap while strengthening market transparency and investor confidence.
Furthermore, the British Deputy High Commissioner in Lagos, Jonny Baxter, highlighted the UK’s long-term partnership with Nigeria and InfraCredit’s evolution into a pivotal market enabler. “This transaction illustrates the potential of public markets to mobilise domestic capital at scale,” he said.
InfraCredit CEO Chinua Azubike called the development a “new chapter,” noting that the listing and UK support will accelerate the firm’s ability to deliver sustainable, locally funded infrastructure. The company has already secured a project pipeline of over ₦750 billion ($500 million) and will now expand into green infrastructure, supporting Nigeria’s energy transition and climate goals.
The investment also aligns with the UK’s partnership with the Nigerian Exchange (NGX) to drive capital market solutions for achieving the UN Sustainable Development Goals (SDGs). InfraCredit is now eyeing a future listing on NGX as part of its growth ambitions.