London: 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.
